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Supreme Court permits Sahara Group to sell its property by 15th May, 2018

Courtesy/By: Bhupendra Yadav | 20 Apr 2018

The Supreme Court on 19th April, 2018 allowed the Sahara India Group to sell any portion in the Aamby Valley city project in Maharashtra by 15th May, 2018 and deposit the proceeds with the SEBI-Sahara refund account.

A special bench headed by Chief Justice Dipak Misra and Justices Ranjan Gogoi and A K Sikri made it clear to senior advocate Vikas Singh, counsel for Subrata Roy and Sahara Group that if the Group fails to sell its property by 15th May, 2018, the Bombay High Court's official liquidator will proceed with the proposed auctioning process to sell the property.

The bench took note of the reports filed by the official liquidator and the court receiver appointed to maintain the Aamby Valley properties and told the Sahara Group to start doing maintenance. It asked the court receiver to collect money on the account of maintenance and pay them to the group if it resumes the maintenance work.

The official liquidator, in its report, informed that it has commenced the procedures for auctioning the Aamby Valley property for which bids will be invited from 21st May to 31st May, 2018 and the auction will begin from 2 June, 2018.

The matter is listed for further hearing on May 15, 2018.

Courtesy/By: Bhupendra Yadav | 20 Apr 2018