mumbai icici bank the lead banker to the mehul choksipromoted gitanjali gems has sought to attach various properties of the group under the securitisation and reconstruction of financial assets and enforcement of security interest sarfaesi act to recover multiple loans amounting to over rs 800 crore the assets sought to be attached by the lender include the brands gili sangini and asmi owned by gili india and nakshatra brands this is in addition to real estate assets such as land at panvel sez properties at nashik and hyderabad and offices at the bandra kurla complex and seepz sezthese advances are outside the rs 13400 crore that is due to punjab national bank pnb following a fraud committed by choksi and his nephew nirav modi with total claims against the duo crossing rs 20000 crore lenders say they will need to meet and decide a course of action the sarfaesi act allows lenders to attach and sell property of defaulters and their guarantors under the law lenders are required to give a 60day notice before attaching the propertyaccording to bankers after kingfisher airlines this will be a test case in brand valuation in the case of kingfisher lenders have not got bidders even at a tenth of what the airline brand was valued at during the loan disbursement gitanjali gems had claimed in 2009 that a valuation done by ukbased brand finance had valued gili nakshatra ddamas and asmi at rs 1500 crorein april this year the private bank had approached the national company law tribunal nclt to protect its own interest in a case filed by the corporate affairs ministry to attach properties belonging to the modi and choksi groups the private lender had informed the court that icici bank and 23 other lenders were planning to move the debt recovery tribunal drt to recover combined loan obligations of more than rs 8000 crore the advantage of proceeding in the drt is that the lenders can go after the personal assets of the promoters while the insolvency and bankruptcy code ibc does not allow attachment of personal assets of promoters a recent amendment in the code allows lenders to simultaneously invoke promoter guarantees also the ibc gives banks priority over other creditors and allows them to sell the entire businesses with fewer hasslesicici bank has said that it has rs 483 crore outstanding from gitanjali under working capital limits the equivalent of rs 77 crore under an external commercial borrowing and loans of rs 121 and rs 123 crore to nakshatra brands and nakshatra worldthe guarantors named include choksi and various group companies including decent investment priyanka gems rohan diamonds mozart trading partha gems hyderabad gems sez and nashik multi services among others