HDIL told to repay loan to PMC Bank

Mumbai: The Bombay high court on Thursday said the beleaguered real estate development company Housing Development and Infras-tructure Ltd (HDIL) and its promoters Rakesh and Sarang Wadhawan would have to repay their loan to the crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank as it was in the interest of the lender and its depositors. The court also said that the assets of HDIL and the Wa-dhawans must be sold at the earliest.

A division bench of Justices Ranjit More and S.P. Tavade was hearing a PIL filed by an advocate, Sarosh Damania, seeking directions for the expeditious disposal of HDIL Group assets attached by the Economic Offences Wing and the Enforcement Directorate (ED), and repayment of depositors of the bank at the earliest. “You (HDIL) have taken a loan and you have to repay it. The assets must be sold at the earliest. This will be in the interest of the bank and its depositors,” the court said.

Earlier, following the court’s previous directions, HDIL managing director Sarang Wadhawan on Wednesday filed an affidavit, listing the group’s assets. He also told the court that he had no objection if the company’s encumbered properties were to be sold for recovery of money payable to the bank.