Sunday, January 29, 2023

PMC Bank scam: RBI moves SC against Bombay HC order on HDIL

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The Reserve Bank of India has challenged in the Supreme Court a Bombay High Court order, which allowed the sale of assets of bankrupt Housing Development and Infrastructure Ltd to settle the dues of Punjab and Maharashtra Bank Co-operative Bank.

RBI’s petition was mentioned on Tuesday by senior lawyer Rakesh Dwivedi before a bench comprising Chief Justices S A Bobde and BR Gavai and Surya Kant for an urgent hearing.

The court directed the counsel to make a mention before the Registry official concerned for listing of the case.

In its plea, RBI has said the high court passed the order without hearing the banking regulator in the matter.

Seeking a stay on the high court order, the central bank has contended that the sale of HDIL’s assets would dent its attempts to revive the PMC Bank, which has been hit by a ₹6,500-crore scam.

In an attempt to revive PMC Bank, RBI had taken various measures, including appointment of an administrator in September last year.

These steps were allegedly not brought to the high court’s notice, leading to RBI moving the apex court.

The Supreme Court had earlier stayed specific directions of the high court relating to the shifting of main accused — Rakesh and Sarang Wadhawan, the promoters of HDIL – from the Arthur Road jail in Mumbai to their Bandra residence to enable disposal of their properties.

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