The court, however, was informed that a European firm-Helvetia has offered to lend $5 billion to bail out the Sahara group's jailed chief Subrata Roy.
The Supreme Court on Monday sought Sahara group's response as to why a receiver could not be appointed to sell or auction its properties after it failed to raise the amount of Rs 36,000 crore to refund the investors' money which the company had collected towards.
The court, however, was informed that a European firm-Helvetia has offered to lend $5 billion to bail out the Sahara group's jailed chief Subrata Roy.
A bench headed by Justice T S Thakur issued notice to Sahara and sought its reply in four weeks on the application moved by the market regulator Securities and Exchange Board of India for appointment of receiver as the Roy's two firms were not in a position to comply with apex court's previous order to refund the money to investors.
It turned down Sahara's counsel and senior advocate Kapil Sibal's submission that the court should wait for sometime for the outcome on the offer made by a new foreign company, Helvetia Group.
Earlier, the bench had said it was evident that the group was facing difficulty in selling its properties to arrange Rs 36,000 crore for making the payment in the Sebi-Sahara account since Roy has been in jail since March 4, 2014 and the sale of properties can be done by appointing a receiver.
During the hearing Helvetia sought court's permission to intervene in the matter saying that it was ready to lend around Euro 720 million (approximately Rs 5,000 crore) to Sahara's Aamby Valley and needed to time till October 15 to complete the agreement.
Senior advocate L Nageshwar Rao, appearing for Helvetia Group, whose promoters are from Qatar and residing in United Kingdom, are ready to lend the money which will save the group's three overseas hotels, Grosvenor House Hotel in London, the New York Plaza and Dream New York hotels, from being sold.
Sibal said the hotels have to be released from Reuben Brothers.
He placed before the bench in sealed cover the documents relating to the mortgage deed executed in favour of Bank of China and arrangement made between the Bank of China and the Reuben Brothers.
In the last hearing, the Sahara group had informed the court that the loan on hotels that was given by Bank of China has been taken over by Reuben Brothers whose main activities are in real estate, private equity, and venture capitalism.
Meanwhile, the court's approval for sale of Sahara's Gorakhpur property has run into rough weather with accusation from the real estate developer that Sahara has not complied with the apex court order to give it the Memorandum of Understanding signed by persons duly authorised as power of attorney.
Sibal said the Gorakhpur realtor did not have the money and instead was seeking the title of the property which cannot be done as the agreement was for developing the 140 acre land.
He said Sahara was willing to have agreement with the Samridhi developers.
The bench suggested that the dispute could be sorted out by apex court's retired judge B N Agrawal, who has been appointed to monitor the recovery of money by Sebi from the Sahara.
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