New Delhi: Sahara group's prestigious Aamby Valley township in Maharashtra will go under the hammer on October 10 and 11.
A Supreme Court bench led by Chief Justice of India Dipak Misra has given a go ahead to the auction proceedings following the failure of Sahara chief Subrata Roy to deposit substantial amount of money towards refunding investors.
The auction will be held in Mumbai on October 10 and 11, following which the successful bidder will deposit the money by January 16, 2018. The auction will finalise following an approval by the Court.
The bench, also comprising Justices Ranjan Gogoi and AK Sikri, shot down request by Sahara and Roy to give them time till November to deposit more money.
"Grant of further time to the respondent-contemnor (Roy) and entertaining post-dated cheques, which are dated 11th November, 2017, would tantamount to travesty of justice and extending unwarranted sympathy to a person who is indubitably an abuser of the process of law," said the bench.
The Court further held: "He, who thinks or for that matter harbours the notion that he can play with law, is under wrong impression."
It added that the "ambitious effort" by Roy had to be dismissed because of his conduct as he "made a maladroit effort to play" with the orders of the Court.
"Therefore, we direct without any hesitation that the auction shall be held as per the direction given by this Court and the Official Liquidator is permitted to carry out the auction as per procedure," ordered the bench.
Earlier, on requests by Sahara and Roy, the Court had directed for only publication of auction notices. It has said that the auction proceedings could halt if Sahara paid substantial money.
But Kapil Sibal, representing Sahara, sought time till November 11 to make more deposits. He claimed around Rs 16,000 crore has already been paid and that only Rs 8651 crore is due. Sibal also made vehement requests not to auction Aamby Valley.
The bench, however, blamed it on "recalcitrant proclivity" of Roy, who, the bench said, "has harboured an adroit idea that he can test the patience of this Court."
Except hyperbolic arguments and rhetoric statements, the amount in entirety has not been paid, said the Court, as it directed the Official Liquidator to go ahead with auction.
The interim order regarding bail to Roy will continue while the Court said that the case can now be heard after the auction.
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