The Supreme Court has provisionally set October 14 to hear a crucial application from Sahara India Commercial Corporation Ltd (SICCL). The company is seeking the court’s approval to sell various assets, including the well-known Aamby Valley in Maharashtra and Shahara Saher in Lucknow, to Adani Properties Pvt Ltd.
Earlier, when the plea was brought before the court, Chief Justice B.R. Gavai stated that a specialized three-judge Bench would need to be constituted to thoroughly examine the request.
According to the application, filed by SICCL through advocate Gautam Awasthi, the company is seeking the Supreme Court’s permission for an outright sale of several Sahara Group properties to Adani Properties Private Limited. This proposed transaction is based on specific considerations and terms outlined in a term sheet dated September 6, 2025.
This application is part of an ongoing legal case involving the Sahara Group. SICCL has highlighted the significant challenges it and the Sahara Group have faced in liquidating their movable and immovable assets, with the proceeds intended for deposit into the SEBI – Sahara Refund Account.
The application further notes that, from a total principal amount of ₹24,030 crore, the Sahara Group has successfully liquidated assets worth approximately ₹16,000 crore, which has been deposited into the SEBI – Sahara Refund Account.
SICCL emphasized that previous attempts by the Securities and Exchange Board of India (SEBI) to sell and liquidate Sahara Group assets, even with the involvement of reputed estate brokerage firms and consultants, were unsuccessful. The company stressed that all funds deposited into the SEBI – Sahara Refund Account to date have been realized solely through the immense efforts and difficulties overcome by SICCL and the Sahara Group.
The decision to sell these assets, SICCL stated, was made in the best interest of all stakeholders, including investors, to ensure their claims are satisfied. Considerable efforts have been made to liquidate these assets to contribute to the SEBI-Sahara Refund Account.
Ultimately, the Sahara Group’s application outlines its determination to liquidate its assets at their maximum value and in an efficient manner. This move aims to comply with the Supreme Court’s orders, resolve the Sahara Group’s liabilities, and bring a conclusion to the ongoing contempt proceedings.