The Hon’ble Supreme Court heard the case involving the land in the SA colony and concerns linked to the SFIO on January 31, 2023. The false allegations filed against the property were rejected by the Honorable Supreme Court. The involved entity is required by the Honorable Supreme Court of India to finish property demarcation in front of the District Magistrate.
In the presence of the District Magistrate, the demarcation process will start on February 13th. It will be assumed that the parties have nothing to say if they do not take part in the demarcation.
To guarantee a smooth delineation, the DM will make the necessary arrangements, including using the police force.
The first stage of verification is still pending, but the SFIO has informed the Supreme Court of how many claims they have received so far and is working to finish the second stage. The SFIO is carrying out its duties and counting as well as validating investment claims.
The Supreme Court will establish a committee to resolve the issue of investors’ payments
The SFIO asked the Supreme Court to set up a committee to handle investment payments. After the Heera Group’s properties are sold, all of the proceeds will be deposited in the committee, which will then decide who is to get paid.
The honorable retired justice will serve as the committee’s chair.
Officials from the Enforcement Directorate and the Heera Group will be a part of the committee and have a significant role in the payment distribution.
An overview of the court’s directives
The Court makes it abundantly obvious that Heera Group authorities will determine who must be paid and who must not. As of right now, the SFIO has counted about Rs 450 crore in claims, which is a very little number when compared to the 700 crore worth of properties that Heera Group has turned over. The amount that Heera Group has given to the court can readily be used to settle the claims.