Earlier, the Bombay High Court had set up a three-member committee for valuating and sale of encumbered assets of HDIL
to expeditiously recover dues payable by the firm to PMC Bank.
The high court had passed the order while hearing a PIL seeking direction for expeditious disposal of HDIL
assets and properties attached by the Economic Offence Wing and the Enforcement Directorate and repaying PMC Bank
depositors at the earliest.
The fraud at PMC Bank came to light in September last year after the Reserve Bank of India discovered that it had allegedly created fictitious accounts to hide over Rs 4,355 crore of loans extended to HDIL.
According to RBI, the PMC Bank masked 44 problematic loan accounts, including those of HDIL, by tampering with its core banking system, and the accounts were accessible only to limited staff members.
The Mumbai Police's Economic Offences Wing and the ED registered offences against senior bank officials and HDIL promoters.