November 29, 2022
1 min read

Rahul Nanda declared bankrupt in the UK

The bank maintains that it has not got its due back and suspects that Nanda has more hidden assets. The case will continue in the new year…reports Asian Lite News

The dashing and larger-than-life owner of Topsgrup, once India’s largest and highly sought after security company, Rahul Nanda has been declared bankrupt in the UK.

Nanda, also popularly known as Ritchie, who used to be the toast of Mumbai’s party circuit is being pursued by the Punjab National Bank which extended credit to the tune of over £10 million to Shield Guarding Limited on Nanda’s personal guarantee given in 2013.

Shield Guarding Ltd later changed its name to Jameson and Harrison Society Ltd in April 2016 and the same month went into administration and is now in liquidation. PNB claims Nanda has not fully disclosed his assets and liabilities even though he has been declared bankrupt. They have subjected him to attend courts using a procedure known as debtor questioning.

One such hearing was held before Master Kaye on Monday.

Vivek Kapoor, representing PNB told the court that Nanda has failed to disclose all his bank accounts and statements among several other discrepancies. Nanda’s lawyer Paul Dipre countered that his client has truthfully submitted all the information that was sought by the bank. “He can only get his own bank statements for the last six years of his personal accounts,” Dipre told the court. Giving an indication of the hard times, Nanda faces, Dipre told the judge that subsequent court hearing would mean that his client would have to borrow money for another day of representation in court. Nanda was in the court appearing as a pale shadow of his former self.

The bank maintains that it has not got its due back and suspects that Nanda has more hidden assets. The case will continue in the new year.

ALSO READ-Lebanon’s Deputy Minister announces country’s bankruptcy

Previous Story

Breather for Lanka as more tourists arrive in Colombo

Next Story

Biden monitoring China’s Covid unrest

Latest from UK News

Palestine Seeks Record UK Compensation

Palestinian Authority President Mahmoud Abbas cites international law, seeking compensation for land and perceived injustices during British rule….reports Asian Lite News Britain faces a £2 trillion reparations claim from the Palestinian Authority

Back to Balfour

British Prime Minister Sir Keir Starmer’s Move to Recognise Palestine Statehood Is A Move To Correct Balfour’s Historic Error … writes Kalip Anaz From an Arab perspective, the announcement by British Prime

UK set to recognise Palestinian state

Britain’s move to recognise Palestine sparks fierce debate at home and abroad as Starmer breaks with decades of policy and presses for two-state solution, writes Kaliph Anaz Keir Starmer is expected to

UK: Boats keep coming despite deportations

Record 1,072 migrants cross Channel in one day, as UK begins France return deal with first deportations, sparking fierce political debate over deterrent effect. More than 1,000 people crossed the English Channel
Go toTop

Don't Miss

Capillary Technology wins Best Use of Customer Analytics

The Loyalty Awards 2022 covered 20 categories in all and

Time to widen India-UK ties says Starmer

“I am looking forward to speaking at India Global Forum.