Yes Bank had classified the account of Delhi-based Oyster Buildwell as fraud on the grounds that it was a recipient of favours in the alleged loan-for-kickback scandal involving former promoter Rana Kapoor.
However, the Delhi high court on Thursday stayed the fraud classification of the account of Oyster Buildwell by Yes Bank till further notice and instructed the lender to give the company’s management a proper hearing before proceeding with any action.
Oyster Buildwell has been accused of being the recipient of loans from Yes Bank that eventually turned sour. The central bureau of investigation has levelled charges on the real estate company alleging that it was central to the alleged loans-for-kickbacks scandal involving the Yes Bank founder.
The firm belongs to the Avantha Group, the flagship brand that houses the business interests of Gautam Thapar. The central bureau of investigation has also accused Thapar in its probe over the Yes Bank scandal claiming his companies were beneficiaries of favours from Kapoor because Kapoor had purchased a posh Lutyen’s Delhi bungalow from Thapar at lower than market prices.