In 2014, the Supreme Court of India revoked the allocation of more than 200 coal blocks which were sold by the government
Several companies, including Indian units of Abbott Laboratories and Pfizer Inc, and domestic firms like Cipla Ltd and Macleods Pharmaceuticals, went to the Delhi High Court to try to get the ban lifted.
Roy will also have to submit his passport to the court.
Subrata Roy has been held in jail for more than a year.
Sahara told the court it was working on new deals to raise funds.
The Supreme Court has set conditions on the fund raising, however, and on Friday asked Sahara to obtain necessary approvals from the Indian central bank and other authorities to comply with foreign exchange rules.
Sahara, which already has a more than $900 million loan from Bank of China on the three hotels, including the Plaza in New York, had sought the court's permission to take over the loan and refinance it from another creditor and raise a fresh loan of $650 million.
Roy and his associates were jailed in March after he failed to appear at a contempt hearing in the long-running dispute with the capital markets watchdog over the company's failure to repay billions of dollars to investors who were sold outlawed bonds.
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The award of more than 200 coal blocks to steel, cement and power companies has been at the centre of the so-called "Coalgate" scandal.
The Federation of Indian Airlines had challenged the aviation regulator's decision this week to issue an operating permit to AirAsia India.
The court on Tuesday ordered BSES -- part of billionaire Anil Ambani's Reliance Infrastructure Ltd to pay state-run NTPC the Rs 700 crore (Rs 7 billion) it is owed by May 31.
Now, it cannot offer 3G services in pact with other telcos.
A panel of judges at the Delhi High Court set aside on Thursday the court's earlier order that had halted the execution of a government ban on top mobile phone carrier Bharti Airtel's 3G service pacts with rival carriers.
The police had filed charges in December against Bharti Airtel and Vodafone's India unit.
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