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Jewelry Cos. Tied To Indian Bank Fraud Get Ch. 11 Trustee

Law360 (June 7, 2018, 8:35 PM EDT) -- Three bankrupt jewelry companies owned by Indian billionaire and alleged bank fraudster Nirav Modi will be taken over by a court-appointed trustee after a last-ditch sale effort fell apart last month, a New York bankruptcy court ruled Thursday.

After hearing from the debtors’ counsel that the companies are rapidly collapsing in the wake of the failed May 15 auction, U.S. Bankruptcy Judge Sean H. Lane agreed with the companies’ creditors that a Chapter 11 trustee will be necessary to remove the taint of Modi’s alleged fraud.

It’s unclear what will happen once the trustee is installed, but it appeared likely they’ll...

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