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Ch. 11 Sale Of Jeweler Linked To Indian Bank Fraud Delayed

Law360 (May 15, 2018, 9:01 PM EDT) -- An $8 million bankruptcy sale of a jewelry business dragged into the wide-scale bank fraud alleged against Indian billionaire Nirav Modi was put on temporary hold Tuesday by a New York bankruptcy judge who said he needed more information about the company’s value and connection to Modi, now a fugitive.

Attorneys for Firestar Diamond Inc. and affiliated Chapter 11 debtors Fantasy Inc. and A. Jaffe Inc. were given a week to provide more robust evidence justifying the proposed sale of A. Jaffe’s assets to Parag Diamonds,...
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