Supreme Court allows piecemeal sale of Sahara's Aamby Valley
Aamby Valley
Sahara Group’s Aamby Valley project is under liquidation initiated by the Supreme Court
The Supreme Court has allowed the Bombay high court receiver and the official liquidator to sell Sahara's Aamby Valley project piecemeal.
The move was prompted after the advocate for receiver communicated to the SC their difficulty in selling Aamby Valley despite publicity and advertisements.
The receiver communicated to the apex court the fact that it will be easier to sell the project in parcels - for example, one parcel could be the international school, another the convention centre and so on.
The apex court has also allowed the sale of movable properties like Mercedes cars and other vehicles at Aamby valley by the end of March.
According to reports, companies like the Mahindra Ltd. and the Piramal Ltd. have shown interest in buying the project. It is not known if the companies want to buy the entire project or parts of it.
Sahara Group’s Aamby Valley project is under liquidation initiated by the Supreme Court.
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The liquidation hasbeen initiated in order to recover investors’ funds from the Sahara conglomerate.