PMC bank scam: HDIL's two planes, one yacht to be auctioned

The RBI appointed administrator for the PMC Bank has got the court's approval to sell two private planes and a yacht belonging to real estate firm HDIL embroiled in the scam. The order was issued on Wednesday by the Killa court.

The RBI appointed administrator will start the process for auction, which will include valuation of the assets and publishing advertisements in news paper. The administrator will initiate bid for the assets 14 days after publishing the ads.

Other movable properties - 14 luxury cars, two electric cars and three quad bikes - of the Housing Development and Infrastructure Limited (HDIL) that the Mumbai Police's Economic Offenses Wing (EOW) had attached have been excluded from the auction in Wednesday's court order.

As these assets were seized under Prevention of Money Laundering Act (PMLA), the decision regarding their auction will be taken by an adjudicating authority under PMLA rules only, said the Enforcement Directorate. The Killa court has instructed the RBI appointed administrator to file a separate application regarding the auctioning of these assets before a PMLA court.

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