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Parag Buys A. Jaffe’s Assets at Auction

Company emerges as winner in Modi brand’s bankruptcy sale.
May 9, 2018 6:55 AM   By Rapaport News
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RAPAPORT... A US court has named Parag Diamonds as the successful bidder for the assets of A. Jaffe, one of Nirav Modi’s jewelry brands.

Four prospective purchasers attended the auction on May 3, participating in several rounds of bidding, according to a filing with the US Bankruptcy Court for the Southern District of New York last week. While Parag won, Flourish City Holdings emerged as the “backup” bidder, the document said.

A. Jaffe is an affiliate of Firestar Diamond, a US company that forms part of jewelry tycoon Modi’s business empire. Firestar, A. Jaffe and Fantasy, another affiliate, filed for Chapter 11 in the US on February 26 after Modi became the subject of an Indian fraud investigation.

That probe resulted in the American companies losing the bulk of their supply chains and back-office support, making it almost impossible to continue as businesses, Mihir Bhansali, the president of the three companies, said in a court declaration on February 28.

The court has adjourned the auction of Firestar and Fantasy’s assets indefinitely.
Tags: a. jaffe, bankruptcy, Bankruptcy Court, fantasy, Firestar, firestar diamond, Flourish City Holdings, Mihir Bhansali, new york, Nirav Modi, Parag Diamonds, Rapaport News
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