Killa court allows selling of two private planes owned by HDIL group

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The Killa court on Wednesday gave permission to RBI appointed administrator of PMC bank to sell two private planes and one yacht owned by HDIL groups of companies. The court in its order mentioned that the money of the sale has to be credited to the loan account of HDIL and group companies.

Following the orders from the court, now RBI appointed administrator of PMC bank has to go through the auction process, which includes valuation of the assets and advertisement has to be given in papers and a time period of 14 days has to be given to initiate a bid for the assets.

The order of the court is only for two private planes and one yacht of HDIL group of companies, other movable assets which were attached by Enforcement Directorate and Economic Offences Wing of Mumbai Police which includes 14 luxury cars, two electric cars, and three quad bikes are excluded from the auction. The ED said that as these moveable properties are seized under PMLA rules so the decision regarding their disposal has to be taken by adjudicating authority under PMLA rules only.

The Court has instructed RBI appointed administrator to file a separate application regarding these assets' auctioning before PMLA court.

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