Adani Properties Backs Sahara's Plea for Aamby Valley Asset Sale in Supreme Court

Adani Properties has made a significant move in the ongoing Sahara Group case by filing an application in the Supreme Court. The application supports Sahara's plea to sell 88 properties in Aamby Valley for an undisclosed amount. This development marks a potential turning point in the long-standing financial saga of the Sahara Group.

Key Points of the Application

• Adani Properties has backed Sahara's request to sell 88 Aamby Valley properties.
• The proposed sale amount has not been made public.
• The plea extends beyond the 88 listed properties, seeking approval for additional asset sales.

Sahara's Requests

Sahara India Real Estate Corporation and Sahara Housing Investment Corporation have approached the court with several requests:

1. Permission for Property Sale: Seeking approval to sell the Aamby Valley properties.
2. Confidentiality: A finalized term sheet to be submitted in a sealed cover.
3. Regulatory Exemptions: Seeking exemptions from investigations by various authorities including:
   • State Police
   • Enforcement Directorate
   • Income Tax Department
4. Legal Protections: Requesting protection from:
   • Court cases
   • Attachment orders
   • Investigations related to funds received by the company and its associates

Next Steps

The Supreme Court is scheduled to hear the petition on October 14. This hearing will be crucial in determining the fate of the proposed sale and Sahara's requests for exemptions and protections.

Implications

This move by Adani Properties to support Sahara's plea could have significant implications for both companies and the real estate market. The outcome of this case may set precedents for how distressed assets are handled and the extent of regulatory exemptions that can be granted in such situations.

The involvement of Adani Properties in this high-profile case also highlights the group's continued interest in expanding its real estate portfolio, even amidst regulatory scrutiny in other sectors.

As the hearing date approaches, all eyes will be on the Supreme Court's decision, which could potentially reshape the landscape of corporate debt resolution and asset sales in India.