The Bombay High Court on Monday rejected the petition filed by Camelot Enterprises against the Income Tax department in connection with the Nirav Modi painting auction case.

Camelot Enterprises, owned by Nirav Modi, had approached the court to stop the auction of 68 paintings.

IT department has already auctioned 55 painting and gotten net proceeds worth Rs 54.84 crore. 55 out of a total of 68 paintings in Modi's possession were sold on Tuesday.

Last month, a special court in Mumbai had allowed the Income Tax department to undertake the auction of the paintings and deposit the proceeds to the court till further orders.

Nirav Modi is a defaulter of Income Tax also, so the department took permission of the court for auctioning these paintings which were seized by the Enforcement Directorate (ED) in the PNB scam investigation.

"We can appeal against the assessment order given on Friday and Judge has given us the time for the same till 20 April," said the petitioner's lawyer, Ferishte Sethna.

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