NCLAT Overturns NCLT Ruling on Ex-PNB Official in Nirav Modi Case: An Analysis

K.V. Brahmaji Rao Vs Union of India (NCLAT Delhi) INTRODUCTION In this case the NCLT’s order was set aside by the NCLAT to implead a former Executive Director of the Punjab National Bank in a matter related to Rs 14000 crore scam involving diamond merchant Nirav Modi Group and Gitanjali Group of Companies. The National Company Law Tribunal (NCLT) ordered the impleading of 19 people in the case in January 2019, including the former executive director of the bank, K V Brahmaji Rao. A directive to freeze their assets was also given. The tribunal’s decision was based on a petition the corp...