In July 2020, PMC Bank had sought the initial round of bids for the two jets and a yacht belonging to the promoters of the Housing Development and Infrastructure (HDIL) group, the Wadhawans.
A troubled cooperative bank which has been beneath the central bank’s supervision for more than a year has pinned its hopes of a turnaround on the sale of two French-manufactured jet planes. The administrator for Punjab & Maharashtra Co-operative (PMC) Bank on Tuesday invited fresh bids for two aircraft owned by the promoters of the bank’s biggest borrower, ostensibly following the failure of the initial try produced earlier this year.
A public notice issued by the administrator sought sealed bids for a Dassault Falcon 2000 and a Bombardier Challenger 300, each at present parked at the Mumbai airport.
In July 2020, PMC Bank had sought the initial round of bids for the two jets and a yacht belonging to the promoters of the Housing Development and Infrastructure (HDIL) group, the Wadhawans. It is unclear no matter whether the yacht has discovered a purchaser. Attempts to make contact with PMC Bank’s recovery cell and administrator AK Dixit had been unsuccessful. An e-mail sent to the bank remained unanswered till the time of going to press.
The notice tends to make no mention of reserve rates for the jets and basically states that the earnest revenue to be deposited is 10% of the give quantity. Interested bidders will have to submit their bids by February 17, 2021, and the bids will be opened on February 20.
A scheme of resolution for PMC Bank has so far been elusive even as Yes Bank and Lakshmi Vilas Bank had been resolved this year. On September 22, 2020, practically specifically a year considering the fact that the Reserve Bank of India (RBI) superseded the bank’s board, Dixit took more than from JB Bhoria as its administrator. Since he took more than, PMC Bank has sought expressions of interest (EoIs) from interested investors and received 4 proposals. According to a current report by Business Standard, UK-primarily based Liberty Group, a combine of the Centrum group and BharatPe, and two enterprise households from Mumbai and Hyderabad have expressed interest in taking more than the bank.
As depositors with the bank continue to hold protests at RBI’s different offices across Mumbai, governor Shaktikanta Das has mentioned the response to the resolution procedure has been “positive”. During the post-policy press conference on December 4, he had mentioned, “The bank and its management are fully engaged with the investors who had purchased the information memorandum…let us see what is the response and after that we can take a view on this.”