NCLT initiates insolvency proceedings against Nirav Modi's entity

FDIPL is one of the group's two jewellery manufacturing units to be based in SURSEZ in Sachin Village, Surat

The National Company Law Tribunal (NCLT) has initiated a corporate insolvency resolution process involving Firestar Diamond International (FDIPL) — a key subsidiary owned by Firestar International. FDIPL was wholly owned by billionaire jeweller Nirav Modi, who is now in a jail in London, and lists as its directors Modi and Himanshu Trivedi. 

FDIPL is one of the group’s two jewellery manufacturing units to be based in Surat Special Economic Zone (SURSEZ) in Sachin Village, Surat — the other being Radashir Jewellery Company, where only Modi is listed as director. 

FDIPL’s parent firm Firestar International had extended an unconditional, absolute, and