Sahara India seeks Supreme Court nod to sell Aamby Valley, Lucknow properties to Adani; hearing on October 14

The Supreme Court is tentatively scheduled on October 14 to hear a plea by Sahara India Commercial Corporation Ltd (SICCL) for permission to sell various properties, including Aamby Valley in Maharashtra and Shahara Saher in Lucknow, to Adani Properties Pvt Ltd.

When the plea was mentioned earlier in the day, Chief Justice B.R. Gavai said a separate Bench of three judges would have to be formed to hear the plea.

“The application has been filed by Sahara India Commercial Corporation Limited seeking permission of the Supreme Court to outright sell various properties belonging to the Sahara Group to Adani Properties Private Limited for the consideration and on the terms and conditions as set out in the term sheet dated September 6, 2025,” the application, filed through advocate Gautam Awasthi, for SICCL, said.

The application has been filed in a pending case linked to the Sahara group. SICCL said it and Sahara Group had great difficulty liquidating certain of their movable and immovable assets. The proceeds were deposited into the SEBI – Sahara Refund Account.

“Out of a total principal amount of ₹24,030 crore, the Sahara Group, by way of sale/liquidation of their movable and immovable assets have realised an amount of approximately ₹16,000 crore and deposited the same in the SEBI – Sahara Refund Account,” the application said.

SICCL has argued it would “not be out of place to mention that, as can be seen from the previous orders passed by the Supreme Court that though the Securities and Exchange Board of India (SEBI) had tried on multiple occasions to sell/liquidate the assets of the Sahara Group (including through engaging reputed estate brokerage companies and consultants), it was ultimately unable to liquidate any assets of the Sahara Group. The entirety of the funds deposited in the SEBI – Sahara Refund Account have been deposited through the sole efforts of and with great difficulty by SICCL and the Sahara Group”.

The SICCL has said the decision to sell was taken in the interest of stakeholders, including investors, in order to satisfy their claims. It said great efforts were made to liquidate moveable and immovable assets in order to deposit the proceeds into the SEBI-Sahara Refund Account.

“The Sahara Group has decided that the assets of the Sahara Group be liquidated at the maximum value and in an expeditious manner to satisfy the orders passed by the Supreme Court, to discharge the liabilities of the Sahara Group and put a close to the present contempt proceedings,” the application said.