The Supreme Court on Monday gave Sahara a final chance to raise Rs 10,000 crore by selling or mortgaging it assets to bail out its founder Subrata Roy.
If Sahara fails to raise the cash, the top court warned "it will be left with no option but to appoint a receiver for selling your properties".
The Supreme Court has given Sahara a 90-day deadline to submit a final proposal for raising cash. The next hearing is scheduled for August 1.
Meanwhile, the top court has also allowed Mr Roy to use a high-tech office in Tihar jail premises for negotiations and wrapping up a deal.
Sahara has also been allowed to sell 10 more properties across India to raise more money as the hotel mortgage of its three overseas hotels - The Plaza and Dream Downtown in New York and Grosvenor House in London - is estimated to yield only Rs 650 crore.
In its last attempt, Sahara said it was close to finalising a deal with US-based investor Mirach Capital to raise money by taking a loan against its overseas hotels, but those talks fell through. Mirach Capital, represented by the former finance minister P Chidambaram, made an outright offer to buy Sahara's three overseas hotels.