{"id":389140,"date":"2026-07-02T15:30:46","date_gmt":"2026-07-02T10:00:46","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=389140"},"modified":"2026-07-02T16:13:58","modified_gmt":"2026-07-02T10:43:58","slug":"uk-hc-enforces-nirav-modi-personal-guarantee","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2026\/07\/02\/uk-hc-enforces-nirav-modi-personal-guarantee\/","title":{"rendered":"Failure to Obtain RBI Approval No Defence to Liability: United Kingdom High Court Enforces Nirav Modi\u2019s Personal Guarantee"},"content":{"rendered":"
\n

United Kingdom High Court:<\/span> In a claim by Bank of India seeking to enforce a personal guarantee executed by Nirav Modi in respect of credit facilities advanced to Firestar Diamond FZE, Simon Tinkler<\/span>, Deputy Judge<\/span>, held that Nirav Modi had been validly served with the Bank’s demand and was liable under the Personal Guarantee for the outstanding principal sum of USD 4.1 million, together with contractual interest, resulting in a liability of over USD 10.7 million.<\/p>\n

The Court observed that the obligation to obtain approval from the Reserve Bank of India under FEMA rested upon the guarantor and that the absence of such approval did not invalidate the guarantee, particularly where the approval remained capable of being granted retrospectively. The Court stated that a party cannot evade contractual obligations by relying on its own failure to obtain the requisite regulatory approval, and thus, the Personal Guarantee was valid and enforceable.<\/p>\n

Background<\/p>\n

The claimant, Bank of India, is a bank incorporated in India with a branch office in London. In 2013, Bank of India entered into a Facility Agreement with Firestar Diamond FZE and advanced credit facilities to it. As part of the arrangement, Nirav Modi executed a Personal Guarantee securing certain obligations of the borrower. While the Facility Agreement was governed by English law, the Personal Guarantee was governed by Indian law.<\/p>\n

In 2018, following developments concerning allegations involving entities associated with Nirav Modi, the Bank issued demands for repayment to Firestar Diamond FZE and demands under the guarantees furnished by the Second Defendant and Nirav Modi. In 2024, the Bank obtained summary judgment against Firestar Diamond FZE for USD 4.1 million together with interest. After the amount remained unpaid, the Bank served a further demand upon Nirav Modi in October 2025.<\/p>\n

Nirav Modi contested the claim on the grounds that the Personal Guarantee was unenforceable as a matter of Indian law, that he had not been validly served with a demand, that the demand did not relate to a liability recoverable under the guarantee, and that the Bank’s interest claims were excessive.<\/p>\n

Analysis, Law, and Decision<\/p>\n

1. Validity of Service of the October 2025 Demand<\/p>\n

It was contended that the service was invalid due to Nirav Modi’s incarceration in the UK. However, the Court observed that the Personal Guarantee specified an address for service in India and that the October 2025 demand had been sent by registered post to that address. Since Nirav Modi had never notified any alternative address for service, the contractual address remained valid. The Court was therefore satisfied that the demand had been validly served.<\/p>\n

The Court further noted that Nirav Modi and his legal team were aware of the contents of the demand and that he had in fact received a copy of it while detained in England. Accordingly, the Court held that the October 2025 demand had been validly served.<\/p>\n

2. Liability Recoverable Under the Personal Guarantee<\/p>\n

The Court observed that Nirav Modi did not dispute that Firestar Diamond FZE owed the Bank the principal sum of USD 4.1 million, which was the subject of the 2024 summary judgment. Nor did he dispute that the Personal Guarantee required him to satisfy the borrower’s obligations in the event of default.<\/p>\n

Rejecting Nirav Modi’s argument that the Bank should first exhaust remedies against the borrower, the Court referred to Clause 7 of the Personal Guarantee, which expressly stated that the Bank was not required to make any claim against Firestar Diamond FZE before enforcing the guarantee. Accordingly, the Court held that the debt claimed under the October 2025 demand fell squarely within the scope of the obligations guaranteed by Nirav Modi.<\/p>\n

3. Enforceability of the Personal Guarantee Under FEMA<\/p>\n

The principal dispute concerned Regulation 3 of the Foreign Exchange Management (Guarantees) Regulations, 2000. It was contended that prior permission from the Reserve Bank of India (RBI) was a mandatory prerequisite, and the absence of such approval rendered the Personal Guarantee void ab initio and unenforceable.<\/p>\n

The Court accepted the expert evidence adduced by the Bank regarding Indian law. The Court held that the statutory obligation to secure the requisite RBI permission fell upon Nirav Modi. Under settled legal principles, a party cannot rely on their own regulatory omission or failure to perform a statutory duty to invalidate a contract and escape liability. Furthermore, since the RBI retains the statutory power to grant ex-post facto or retrospective approval, the guarantee was neither void nor permanently unenforceable. Thus, the Court held that RBI approval can be granted retrospectively and therefore the alleged regulatory non-compliance did not permanently impair the enforceability of the guarantee.<\/p>\n

4. April 2018 Demand and Material Adverse Effect<\/p>\n

The Court additionally evaluated an earlier demand from April 2018. The Court held that the demand had been properly posted and, on the balance of probabilities, delivered to the address specified in the Personal Guarantee. Further, Nirav Modi had ultimately received the notice, having provided a copy of it to his solicitors in 2019.<\/p>\n

The Court additionally found that the Bank was entitled to demand repayment because the facility was expressly repayable on demand and because events of default had occurred following the borrower’s failure to pay sums when due and the material adverse consequences arising from the circumstances surrounding Nirav Modi in early 2018.<\/p>\n

5. Contractual Interest Liability and Transition from London Interbank Offered Rate (LIBOR)<\/p>\n

The Court rejected Nirav Modi’s challenge to the Bank’s interest calculations. Following the discontinuation of synthetic LIBOR in September 2024, the Facility Agreement allowed the Bank to determine an equivalent benchmark rate. The Bank’s adoption of Secured Overnight Financing Rate<\/span> was held to be consistent with the contractual mechanism agreed by the parties and did not constitute an impermissible variation of the agreement.<\/p>\n

The Court therefore held that Nirav Modi remained liable not only for the principal sum but also for interest calculated in accordance with the contractual terms.<\/p>\n

Conclusion<\/p>\n

The Court held that the Personal Guarantee was valid, enforceable, and unaffected by FEMA non-compliance. Thus, Nirav Modi was held contractually liable to pay the Bank of India the outstanding principal sum of USD 4.1 million, together with contractual interest, resulting in a liability of over USD 10.7 million.<\/p>\n

[Bank of India<\/span> v. Firestar Diamond FZE<\/span>, [2026] EWHC 1565 (Comm), decided on 23-06-2026<\/span>]<\/p>\n\n

Advocates who appeared in this case:<\/p>\n

For the Claimant:<\/span> Tom Beasley (instructed by Fladgate LLP).<\/p>\n

For the Defendants:<\/span> Vivek Kapoor (instructed by Kenton’s Solicitors).<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The present case arose out of a cross-border lending transaction involving Bank of India, Firestar Diamond FZE and Nirav Modi. United Kingdom High Court examined whether alleged non-compliance with India’s foreign exchange regulatory framework could defeat enforcement of a personal guarantee governed by Indian law.<\/p>\n","protected":false},"author":67520,"featured_media":389160,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,12],"tags":[108688,33491,108690,108689,31384,2611,66957],"class_list":["post-389140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-foreigncourts","tag-england-and-wales-hc","tag-fema","tag-foreign-exchange-management-guarantees-regulations-2000","tag-nirav-modi-personal-guarantee","tag-personal-guarantee","tag-RBI","tag-uk-high-court"],"yoast_head":"\nUK HC Enforces Nirav Modi's Personal Guarantee | SCC Times<\/title>\n<meta name=\"description\" content=\"UK High Court enforces Nirav Modi's Personal Guarantee and stated that he was 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