PMC Bank puts on block 2 aircraft of Wadhawans
MUMBAI: Punjab and Maharashtra Cooperative Bank, which is trying to recover Rs 4,335 crore of loans the bank’s erstwhile management fraudulently lent to HDIL, has put on the block two aircraft belonging to Wadhawans, the company’ promoters.
Assets of the group, facing insolvency, have been attached by law enforcement authorities given the scale of loss to the bank. The bank issued a notice on Tuesday inviting bids for the offer based on a metropolitan magistrate’s order. This is the second time the bank is issuing a notice for sale. Although no reserve price was estimated, banking sources said the aircraft valuation should be around Rs 350 crore.
The aircraft — a 2003-made Bombardier Challenger 300 (VT-PIL) and a 10-seater Dassault Falcon 2000 (VTHDL)— have been lying at Mumbai airport.
Buyers of both aircraft will have to clear dues owed to the aircraft maintenance agency, management company and Mumbai airport, an aviation source said.
The Challenger 3000 has been lying at Mumbai airport since July 2012, and as of May 2019, the operator owes the airport Rs 2 crore in landing and parking charges, the source said.
