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In blow to Sahara's Subrata Roy, SC refuses to halt Aamby Valley auction

The Sahara Group had moved the apex court and sought to push back the publication of sale notice

IANS  |  New Delhi 

Aamby Valley luxury township
Aamby Valley luxury township

The on Thursday declined the plea of chief to put on hold the of

Refusing to postpone publication of sale notice for on August 14, a bench headed by Justice Dipak Misra allowed the liquidator to go ahead with the

The Group had moved the apex court and sought to push back the publication of sale notice and also urged more time to review Sahara's payment plan.

The process should be put on hold until September, so that his client could arrange Rs 1,500 crore to be deposited in the Sebi-account, senior advocate Kapil Sibal, appearing for Sahara, told the bench.

On July 25, the apex court had asked to deposit Rs 1,500 crore -- a part payment of Rs 24,000 crore that two group had raised from the investors.

Directing that the sum be deposited by September 7, the court had permitted Roy to place before them a reasonable plan for the payment of balance amount over a period of 18 months -- as he had himself sought.

As it cleared all the terms and conditions submitted by the Bombay High Court's official liquidator for floating a global tender to invite bids for the of Aamby Valley, the court had said that if paid Rs 1,500 crore by September 7 and submitted a payment plan, it would stall the process of auctioning

The amount also includes the Rs 305 crore balance that Roy is yet to pay towards the last instalment that he was supposed to deposit by June 15.

On April 16, the court had asked the Bombay High Court's official liquidator to evaluate and the property of the Group.

The liquidator had said that the market value of the property was Rs 37,390 crore and the fair value Rs 43,000 crore.

The India Real Estate Corporation Ltd. and the Housing Investment Corporation Ltd. had raised Rs 24,000 crore through optionally fully convertible debentures in 2007 and 2008. The top court by its August 31, 2012, order had directed to refund this amount with 15 per cent interest.

The court has been recovering money from the group in instalments. has paid Rs 16,000 crore till now.

First Published: Fri, August 11 2017. 10:38 IST