SC issues order to auction Aamby Valley

The Supreme Court on Thursday ordered fresh auctioning of the embattled Aamby Valley in the next two months after issuing a warning to real estate honcho Subrato Roy to desist obstructing the process.

"We will send you to jail and end this chapter if you obstruct the auction this time," the apex court bench led by Chief Justice of India Dipak Misra said in a direct warning to Roy.

The bench directed the Receiver of the Bombay High Court to help the Liquidator in getting the Sahara Group's prime property auctioned.

"We want the property to be auctioned. Till then we will appoint the Receiver of the Bombay HC to help in auctioning till it is complete," the bench said.

Earlier in October, Securities and Exchange Board of India (SEBI), the country's market regulator, filed a contempt petition against Roy and other senior executives of Sahara for allegedly obstructing the auction of its prized Aamby Valley.

Representing SEBI, advocate Pratap Venugopal had submitted that the project "had adopted subterfuge methods to avoid auction of the property".