Updated information regarding the Heera Group Supreme Court hearing from January 31, 2023

Updated information regarding the Heera Group Supreme Court hearing from January 31, 2023

On January 31, 2023, the Honorable Supreme Court heard the matter involving the land in the SA colony and issues related to the SFIO. The Honorable Supreme Court rejected the erroneous accusations made against the property. The Honorable Supreme Court of India has ordered the involved party to complete property demarcation in front of the District Magistrate.

The demarcation process will begin on February 13 in front of the District Magistrate. If the parties do not participate in the delineation, it will be presumed that they have nothing further to say.

The DM will make all necessary preparations, including deploying the police force, to ensure a smooth delineation.

The SFIO has informed the Supreme Court of the number of claims they have received thus far and is trying to complete the second level of verification while the first stage is still pending. The SFIO is doing its obligations, counting, and verifying investment claims.

A committee will be formed by the Supreme Court to address the problem of investors’ payments

The Supreme Court was contacted by the SFIO to establish a committee to manage investment payments. The committee will decide who is paid when the Heera Group’s properties are sold and all of the revenues are placed there.

The committee will be led by the respected retired justice

The group will include representatives from the Enforcement Directorate and the Heera Group, who will play major roles in the payment distribution.

A summary of the court’s orders

The Court makes it crystal clear that Heera Group officials will decide who needs to be paid and who doesn’t. In comparison to the 700 crore worth of properties that Heera Group has turned over, the SFIO has only recorded roughly Rs 250 crore in claims as of right now, which is a relatively small amount. The claims can be easily resolved using the sum that Heera Group has provided to the court.