The Sahara India Commercial Corporation Ltd (SICCL) has approached the Supreme Court seeking approval to sell key properties, including Amby Valley in Maharashtra and Sahara Shahar in Lucknow, to Adani Properties Pvt Ltd.

In its application, SICCL requested permission “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 move comes after years of court-monitored efforts by the Sahara Group to liquidate assets to meet its obligations. According to SICCL, the group has, with considerable difficulty, realised around ₹16,000 crore from the sale of movable and immovable assets out of a total principal liability of ₹24,030 crore, with proceeds deposited into the SEBI — Sahara Refund Account. Highlighting SEBI’s inability to sell Sahara assets despite engaging top estate brokers, SICCL said the funds were recovered solely through the Sahara Group’s efforts.

Pointing to the inability of the Securities and Exchange Board of India (SEBI) to liquidate or sell Sahara Group assets, despite engaging reputed estate brokerage companies, the SICCL said the entirety of the funds deposited in the SEBI – Sahara Refund Account were deposited through the sole efforts of and with great difficulty by the applicant and the Sahara Group.

After the death of Sahara Group chief Subrata Roy in November 2023, the group lost its sole decision maker, the SICCLsaid. “The family members of the late Subrata Roy were not involved in the day-to-day business operations and management of the Sahara Group. But, considering the family desire to safeguard the interest of the investors, the Sahara Group has decided that the assets of the group be liquidated at the maximum value and in an expeditious manner to satisfy the orders passed by this court, to discharge the liabilities of the Sahara Group and put a close to the present contempt proceedings,” it said.

Seeking approval of transactions as contemplated under the term sheet dated September 6, executed between the SICCL and Adani Properties Private Limited for the sale of 88 properties, the group said the proposed transaction represented a significant breakthrough in unlocking substantial value from the Sahara Group’s key immovable assets and ensuring compliance with the financial obligations required to be fulfilled by the Sahara Group pursuant to court orders.