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SC stays HC Order Directing Sale of HDIL Assets

Published on February 07, 2020
Current context: The Supreme Court stayed the Bombay High Court order, directing sale of Housing Development and Infrastructure Ltd (HDIL) to repay dues of Punjab and Maharashtra Cooperative (PMC) bank.
SC stays HC order Directing Sale of HDIL Assets
  • A bench comprising of Chief Justice S A Bobe and Justices B R Gavai and Surya Kant gave stay order, on the appeal of RBI against the Bombay High Court order.
  • The Bombay High Court had set up a three-member committee for valuating and sale of encumbered assets of HDIL to expeditiously recover dues payable by the firm to PMC Bank.
  • The High Court had passed the order while hearing a PIL seeking direction for expeditious disposal of HDIL assets and properties attached by the Economic Offence Wing and the Enforcement Directorate and repaying PMC Bank depositors at the earliest.
  • The fraud at PMC Bank came to light in September 2019, after the RBI discovered that it had allegedly created fictitious accounts to hide over Rs 4,355 crore of loans extended to HDIL.
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