Sahara's Rs 2,000 crores claim hits Jet, again

In the appeal, Sahara has staked its claim for Rs 2,000 crore, the original price for the buyout

Travel News
Travel News

The Bombay High Court admitted an appeal filed by Sahara India challenging its earlier single-bench order which had held that Jet Airways was liable to pay Rs 1,450 crore for the purchase of Sahara Airlines (now Jetlite) in 2007. 

Sahara's appeal was admitted by a division bench of Chief Justice Mohit Shah and Justice Girish Godbole who fixed the matter for hearing on July 19 as per a report in Financial Express.

In the appeal, Sahara has staked its claim for Rs 2,000 crore, the original price for the buyout. It said the court had erred in holding that Jet Airways was liable to pay the renegotiated amount of Rs 1,450 crore.

Sahara had earlier sought a stay on the order passed by Justice D Y Chandrachud on May 5. The Judge had asked Jet Airways to pay the remaining amount of Rs 478 crore (from the purchase price of Rs 1,450 crore) within two weeks to Sahara for the buyout.

The Rs 478 crore comprises of the interest accrued at the rate of 9 percent, as ordered by the Judge, on the initial pending amount of Rs 402 crore.

» Read Complete News.....

(You need to login first to read complete news).
New User? Register for FREE!

» Back to Travel News

Advertisement