Earlier, the SC had given a 'last chance' to the Group to come up with an acceptable proposal immediately or else threatened to appoint a 'receiver' to sell off its assets to pay off the investors. A Bench headed by Justice T.S. Thakur gave the time to Sahara on Monday for completing negotiations failing which its properties would be put to auction by appointing a 'court receiver' for alienating its assets.
The Bench gave its consent to Sahara to go ahead with the negotiations after its counsel and senior advocate Kapil Sibal provided a brief outline of the fresh proposal under which Spanish Bank BBVA will provide cash assistance of €900 million to Hong Kong-based Nouam Limited, which will use the amount for paying and taking over the outstanding dues of the Bank of China. Bank of China had lent money to Sahara in purchase of stakes in three overseas hotels- Dream Downtown and The Plaza in New York and Grosvenor House in London.
Sibal said that Nouam Limited managing director Karan Judge will be the legal representative and the investment company will also generate additional $120 million (Rs 650 crore).
Sibal added that five-year old facilitator company Nouam Limited is a joint venture with Spanish company Yuma Finance AG and together they would be arranging money through BBVA.
Nouam has real, clean and untainted money and is also an unencumbered company, he further added.
The Bench said that affability of fund with the Nouam and bank guarantee of Rs 5,000 crore and execution of MoU between the Nouam and Aamby Valley (Mauritius) sufficiently shows seriousness of effort by Saharas.
"This court permits Saharas to take the proposal to next level," the Bench said adding that prima facie, "We are satisfied that the proposal appears to be a serious effort and we allow it to pursue further," the court added. Sahara also informed the Bench that it is in negotiations with some others and in case the proposal with Nouam does not fructify, it should be allowed to have talks and deals with them.
The court also extended its August 1, 2014, order allowing Roy to use the conference room in Tihar Jail to hold negotiations with potential buyers to sell the hotels for raising the bail amount. The SC had asked 65-year-old Roy, who has been in jail since March 4, 2014, to pay Rs 10,000 crore to get bail, out of which Rs 5,000 crore should be paid in cash and rest in bank guarantees.
Sahara said in a statement, "We are thankful to the court for giving us permission to raise funds via mortgage and sale of certain properties. Apart from the mortgage of the three foreign properties, the court has also allowed sale of ten domestic properties and a land parcel of Aamby Valley City. We are in a very advanced stage with many parties and shall execute these deals at the earliest."
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