Sahara India Commercial Corporation Limited (SICCL) has approached the Supreme Court to seek permission for selling key assets, including Amby Valley in Maharashtra and Shahara Saher in Lucknow, to Adani Properties Private Limited. The move aims to liquidate properties to settle investor dues as part of a long-standing legal battle. The court is expected to hear the plea on October 14, 2025.
Details of the Plea
Filed through advocate Gautam Awasthi, the plea requests approval to sell Sahara Group’s properties under a term sheet dated September 6, 2025. The application, part of ongoing Sahara-related cases, notes that the group has struggled to liquidate assets despite court orders. Proceeds from previous sales have been deposited into the SEBI-Sahara Refund Account. Of the ₹24,030 crore principal amount owed, Sahara has deposited approximately ₹16,000 crore through asset sales, despite challenges like unfavorable market conditions and multiple lawsuits.
SICCL highlighted that the Securities and Exchange Board of India (SEBI) failed to sell Sahara’s assets, even with reputed estate brokers, and all funds in the refund account were raised through the group’s efforts. The plea emphasizes that the proposed sale to Adani Properties is a “significant breakthrough” to maximize asset value and meet court-mandated financial obligations.
Impact of Subrata Roy’s Death
Following the death of Sahara Group chief Subrata Roy in November 2023, the group lost its key decision-maker. The plea clarifies that Roy’s family was not involved in daily operations but is committed to protecting investors’ interests. To comply with court orders, settle liabilities, and resolve contempt proceedings, Sahara decided to expedite asset sales. However, ongoing investigations against Roy’s family and senior officials, along with unauthorized attempts to deal with assets, have complicated the process, eroding buyer confidence.
Challenges in Asset Liquidation
SICCL stated that market conditions, lack of viable offers, and multiple litigations have hindered asset sales. Investigations by agencies like the Enforcement Directorate and Income Tax Department have further disrupted efforts. To address these issues, Sahara proposes a single-block sale of 88 properties to Adani Properties, ensuring a swift and efficient transaction. The group also seeks court protection under Article 142 to shield the properties from regulatory or criminal inquiries and lift existing restrictions to facilitate the sale.
Significance of the Deal
The transaction includes high-value assets like the 8,810-acre Amby Valley City, Sahara Star hotel in Mumbai, and properties across states like Uttar Pradesh, Haryana, and Gujarat. The lump-sum deal aims to streamline refunds to investors via the SEBI-Sahara Refund Account. If approved, this could set a precedent for large-scale, court-supervised asset sales in India, resolving one of the country’s most prolonged financial disputes.
