38.6c New Delhi, India, Monday, April 15, 2024
Judiciary

RBI Moves SC Challenging Bombay HC Order To Sell HDIL Assets To Recover PMC Dues

By LawStreet News Network      06 February, 2020 04:02 PM      0 Comments
RBI Moves SC Challenging Bombay HC Order To Sell HDIL Assets To Recover PMC Dues

The Reserve Bank of India (RBI) on the 4th of February, 2020 moved the Supreme Court and challenged a Bombay High Court order for the sale of a mortgaged property connected to the Rs. 7,000 crores worth Punjab and Maharashtra Cooperative (PMC) scam. And further contended that the order was passed without having heard the banking regulator.

The RBI's petition was mentioned by Senior Advocate Rakesh Dwivedi before a bench headed by Chief Justice of India S A Bodbde and further requested it to grant an urgent hearing. The bench asked the advocate to approach the mentioning Registrar. The Public Interest Litigation (PIL) was submitted by the RBI on which the High Court passed an impugned order and RBI was not made a party to it. And further the measures taken in the inclusion of the appointment of an administrator were brought to the court's notice. 

On the 15th of January, 2020, the Bombay High court appointed a three member committee that was headed by the retired Judge S Radhakrishnan to sell the encumbered assets of Housing Development Infrastructure Limited (HDIL) to expeditiously have the dues recovered to the crisis of Punjab and Maharashtra Cooperative bank scam. 

In September 2019, the RBI restricted the activities of the PMC Bank for six months and asked it further to not grant or renew any loans and advances, nor any investments or incur to any liability inclusive of borrowing of the funds and having accepted fresh deposits after an alleged fraud of Rs. 4355 crores had come to the light. 

The Central bank had capped the withdrawal of the deposits at Rs. 10,000 but further raised them to Rs. 40,000. The Enforcement Directors had seized the movable and immovable assets worth more than Rs. 3830 crores that were owned by HDIL in the connectivity to the case. 

Author - Dyuti Pandya 



Share this article:

User Avatar
About:


Leave a feedback about this
TRENDING NEWS

need-to-safeguard-judiciary-from-unwarranted-pressures-21-ex-judges-write-letter-to-cji
Trending Legal Insiders
Need to safeguard judiciary from unwarranted pressures: 21 ex-judges write letter to CJI

21 ex-judges write to CJI Chandrachud urging protection of judiciary from pressures undermining its integrity and autonomy.

15 April, 2024 12:17 PM
sc-notice-to-ed-declines-early-date-on-plea-by-delhi-cm-arvind-kejriwal-against-arrest
Trending Judiciary
SC notice to ED; declines early date on plea by Delhi CM Arvind Kejriwal against arrest

SC issues notice to ED, declines early hearing on Delhi CM Kejriwal's plea against arrest in liquor scam.

15 April, 2024 03:08 PM

TOP STORIES

location-sharing-of-accused-as-bail-condition-sc-directs-google-to-explain-how-its-pin-location-sharing-work
Trending Judiciary
Location sharing of accused as bail condition: SC directs Google to explain how its PIN location-sharing work

Supreme Court directs Google to explain its PIN location-sharing feature as bail condition for accused, raising privacy concerns. Details sought on technical aspects.

09 April, 2024 02:06 PM
cant-jail-everyone-for-making-allegations-against-cm-sc-tells-tamil-nadu-government
Trending Judiciary
'Can't jail everyone for making allegations against CM,' SC tells Tamil Nadu government

Supreme Court rebukes Tamil Nadu, saying not everyone making allegations against CM can be jailed; restores bail for YouTuber Sattai.

09 April, 2024 02:07 PM
hc-dismisses-kejriwals-plea-challenging-arrest-by-ed-in-liquor-policy-case
Trending Judiciary
HC dismisses Kejriwal's plea challenging arrest by ED in liquor policy case

Delhi High Court dismisses Arvind Kejriwal's plea challenging his arrest by ED in liquor policy case, ruling it legal. Kejriwal remains in Tihar jail pending Supreme Court relief.

09 April, 2024 05:22 PM
sc-allows-man-to-undergo-potency-test-as-wife-claims-marriage-not-consummated-more-than-7-years-of-alliance
Trending Judiciary
SC allows man to undergo potency test as wife claims marriage not consummated more than 7 years of alliance [Read Judgment]

Supreme Court permits potency test for husband in divorce case where wife alleges marriage unconsummated after 7+ years.

09 April, 2024 05:38 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email