Firestar Diamond, a company owned by Nirav Modi who is on the run from the Indian authorities over the PNB fraud case has filed for bankruptcy in a New York court.
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Chapter 11 filing under the Bankruptcy code usually allows a company to reorganise its business, reported Reuters.
PTI
The move comes as investigations by Indian authorities into the fraud case are becoming more aggressive, including a raid last week of Modi’s former law firm that lawyers described as