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.
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