Aamby Valley project: Bombay HC to facilitate auction
Published: Nov 24, 2017
By TIOLCORPLAWS News Service
MUMBAI, NOV 24, 2017: THE Apex Court on Thursday appointed the Bombay High Court receiver as the official receiver of the Sahara group's flagship Aamby Valley project in Pune district. The matter came up for hearing before the three-judges bench of Chief Justice Mr. Dipak Misra and Justices Mr. Ranjan Gogoi and Mr. A K Sikri who asked the official liquidator of the Bombay HC to take the help of the Receiver and ensure that the Aamby Valley properties are auctioned smoothly. During the hearing, the bench warned the OL that there should not be any hindrance to the auctioning process.
In October, the Securities and Exchange Board of India (SEBI) had told the SC that Sahara was obstructing auction of the Pune city. The SEBI also appealed to the top court to start contempt proceedings against Sahara. The court had also warned Sahara any attempt to stop the auction would amount to contempt of court. The Sahara Group had earlier sought 18 months to repay around Rs 9,000 crore balance of the principal amount of Rs. 24,000 crore. The Apex Court was irked when SEBI claimed that the group had allegedly obstructed the process by writing a letter to the Pune police raising the issue of law and order at the prime property.