News

Advanced Search

Parag Buys A. Jaffe’s Assets at Auction

May 9, 2018 6:55 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


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
Similar Articles
Synthetic colored diamondsDe Beers Scores Partial CVD Patent Victory
Feb 09, 2020
A court has awarded a limited victory to De Beers’ synthetic-diamond production unit in a patent dispute with Singapore-based grower
AWDCBelgium Tightens Access to Diamond Trade
Jan 09, 2020
Belgium has introduced legislation requiring managers of diamond companies to prove their good conduct and knowledge
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2020 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.