Firestar Diamond lenders disallowed claims in New York liquidation
Credit: iStock.com/studiocasper
Lenders who financed the operations of an Indian jeweller at the centre of a multi-billion-dollar fraud investigation will not be able to make claims in its US liquidation based on credit facilities they extended to non-debtor affiliates, after a court found the facilities were transfers that were disallowable under US bankruptcy law.
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