The Supreme Court is expected to address a significant petition on October 14, where Sahara India Commercial Corporation Ltd (SICCL) is seeking judicial consent to sell several of its prominent properties, including the extensive Aamby Valley in Maharashtra and Shahara Saher in Lucknow, to Adani Properties Pvt Ltd.
Earlier mentions of this case saw Chief Justice B.R. Gavai emphasize the need for a specially constituted three-judge bench to thoroughly examine the complex plea. The application, submitted by SICCL through advocate Gautam Awasthi, explicitly requests the Supreme Court’s permission for an “outright sale” of these Sahara Group assets to Adani Properties, detailing the proposed consideration, terms, and conditions outlined in a term sheet dated September 6, 2025.
This current application is part of an ongoing legal battle involving the Sahara Group, which has faced considerable challenges in liquidating its diverse movable and immovable assets. The proceeds from these sales are intended for deposit into the SEBI – Sahara Refund Account.
According to the application, out of a total principal amount of ₹24,030 crore, the Sahara Group has managed to realize approximately ₹16,000 crore through its own efforts in selling and liquidating assets, all of which have been deposited into the designated SEBI account.
SICCL highlighted in its argument that past attempts by the Securities and Exchange Board of India (SEBI) to sell off Sahara Group assets, even with the assistance of reputable brokerage firms and consultants, ultimately proved unsuccessful. The company asserts that the substantial funds currently held in the SEBI-Sahara Refund Account were accumulated solely through the persistent and arduous efforts of SICCL and the Sahara Group.
The decision to proceed with this sale, as stated by SICCL, is primarily driven by the best interests of all stakeholders, including the investors who are awaiting their claims. This move represents a concerted effort to maximize asset value and expedite the liquidation process, thereby fulfilling the Supreme Court’s directives, settling the Sahara Group’s liabilities, and bringing closure to the ongoing contempt proceedings.