Comments
The Reserve Bank of India has approached the Supreme Court challenging Bombay High Court’s order pertaining to the directions for the sale of property owned by Housing Development and Infrastructure Limited (HDIL) to settle the dues of account holders at Punjab and Maharashtra Co-operative Bank (PMC Bank)
Last month, the Bombay HC had ordered the selling of assets owned by HDIL. A three-member committee was also appointed to assess the value of the assets. The RBI challenged the HC’s order saying that the order was passed without allowing the central bank to share its perspective on the issue. In its plea to the Supreme Court, the RBI said that the decision to liquidate the assets owned by HDIL may impact its efforts to revive the bank.
The RBI further mentioned that it had taken various measures in an attempt to revive PMC Bank, including the appointment of an administrator in September last year. Senior advocate Rakesh Dwivedi pushed the case for an urgent hearing before the Bench of Chief Justice of India, SA Bobde, and Justices, BR Gavai and Surya Kant.
The Bombay High Court had earlier appointed a three-member committee headed by retired High Court Judge, Justice S Radhakrishnan, to dispose HDIL’s assets and pay back to the depositors of crisis-hit PMC bank. This came after a public interest litigation was filed on behalf of the depositors.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.