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Special Judge V C Barde permitted the Enforcement Directorate (ED) to confiscate those assets owned by NiravModi that are not mortgaged or hypothecated to the PNB. The court, in its order, said the assets shall be attached by the ED under the provisions of the FEO Act within one month.
After that, the said properties/assets shall stand confiscated to the Central Government under section 12(2) and
8 of the FEO Act, the judge said. Senior advocate Nitesh Jain from Shardul Amarchand Mangaldas law firm, who appeared for PNB, said the court has allowed those assets that have not been mortgaged, secured or hypothecated to the bank to be confiscated.