The billionaire investors David and Simon Reuben were reportedly earlier looking at a foreclosure auction in April to recover their facility which they had provided to Sahara Group to refinance an earlier loan from Bank of China that had overseas hotels of the Indian group as collaterals and cross collaterals.

Sources said Sahara has now been given time till June by Reuben Brothers. When contacted, a Sahara spokesperson confirmed the development but did not elaborate. Query sent to Reuben Brothers did not elicit any immediate response. Reportedly, the foreclosure auction of iconic Plaza and trendy Dream Downtown properties was to take place in April.

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Sahara Group has been making efforts to raise funds including through refinancing of loans on these two hotels as also on the historic Grosvenor House property in London, to ensure release of its chief Subrata Roy from jail. He has been lodged in New Delhi's Tihar Jail for over two years.

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