Home >Industry >Banking >PMC Bank case: Administrator must show greater alacrity in liquidating assets of Wadhawan, says HC
PMC bank account holders display placards as they protest outside the RBI building. (File photo)
PMC bank account holders display placards as they protest outside the RBI building. (File photo)

PMC Bank case: Administrator must show greater alacrity in liquidating assets of Wadhawan, says HC

  • The court has further directed the administrator to file an additional affidavit before the next date of hearing
  • The order comes on a plea by petitioner Sandeep Bhalla and others

New Delhi: The Delhi High court has observed that “greater alacrity" has to be shown by the administrator to liquidate the assets of the Wadhawans, the family behind HDIL that allegedly committed the fraud on the lender.

“Having perused the affidavit, to my mind, greater alacrity has to be shown by the Administrator to liquidate the assets of the Wadhawans." The court order reads.

The court said this after going through an affidavit filed by Administrator of Punjab & Maharashtra Co-operative Bank Limited.

The affidavit, the administrator has adverted to the steps taken, inter alia, to liquidate the assets of Wadhawans.

The order was passed on 15 September.

The court has further directed the administrator to file an additional affidavit before the next date of hearing to demonstrate further steps taken towards that end. The next date of hearing is on 5 October.

The order comes on a plea by petitioner Sandeep Bhalla and others seeking directions to Reserve Bank of India to issue a statement on timeliness and safety of deposits held by the depositors with the PMC Bank and to ensure payments to ensure that the petitioners and depositors and paid their money in full along with interest.

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