New York based Parag Diamonds Inc has been determined the winning bidder of one of Nirav Modi's companies, A Jaffe, according to a notice of results filed in New York federal court. Financial details have not been known.

The auction was reportedly held on May 3. According to information submitted by A Jaffe to the US Bankruptcy Court in New York, total four qualified bidders participated in the auction process. Another firm named Flourish City Holdings Ltd. was determined to be the backup bidder following the auction held in New York.

A Jaffe is a century-old jewellery brand that Nirav Modi acquired through Synergies Corporation, which held 95 per cent stake in A Jaffe. Founded in 1892 by Abraham Jaffe, A Jaffe is famous for its diamond rings.

Parag Diamonds, a seventh generation diamond company, also operates under the name Paramount Gems. The company has operations in the U.S., Europe and India. The company is headed by Indian-American diamond businessman Panna Jain and

Auction of two other Nirav Modi's companies in the U.S. -- Firestar Inc and Fanatcy Inc – has been delayed for an unspecified time.