Delhi HC to hear plea seeking to allow RBI, PMC Bank to sale Rs 4,000 cr worth properties of HDIL on Dec 9

The Delhi High Court will hear case on December 9 seeking to allow RBI and PMC Bank to sale and auction Rs 4,000 crore worth land and properties of HDIL, attached by ED in the bank scam.

This comes after, Union Finance Minister Nirmala Sitharaman on Monday said in Lok Sabha that nearly 78 per cent depositors of the scam-hit PMC Bank have been allowed to withdraw their entire deposits even though the ceiling of Rs 50,000 on withdrawal continues.

According to the Mumbai Police's Economic Offences Wing (EOW), the PMC Bank management, allegedly in cahoots with a business family concealed from the banking regulators' scrutiny huge loan defaults by HDIL group firms, reported PTI. Over 70 per cent of the bank's advances went to HDIL group, which led to a huge crisis when the realty group defaulted on repayment, the EOW had said. The RBI had on 24 September imposed operational curbs on PMC Bank and appointed an administrator following detection of alleged financial irregularities.

(Inputs from Sanjay Jog)