HC gives Jet, Sahara two months to file affidavits

The Bombay High Court on Thursday granted two months time to Jet Airways and Sahara India Commercial Corporation Ltd to file additional affidavits, in regards to the takeover deal of Sahara Airlines by Jet Airways.

Both the parties had asked the court for time, so that they could file additional affidavits, after which the bench under Justice D Y Chandrachud deferred the case till January 19. 
Sahara’s lawyer Pradeep Sancheti said that presently, they were not looking at an out of court settlement, as they are expecting a ruling from the bench, after the hearing on the given date.  The court had earlier suggested that both the parties settle the case.

However, they later informed the court that they were unable to reach a mutual understanding. The two parties are in the court over Jet Airways defaulting on the first of four annual and interest-free installments of Rs 137 crore and deduction of Rs 37 crore from it as Income Tax (IT) dues and Rs 50 crore from the second installment on account of the same in 2009.

Jet is claiming a reimbursement of Rs 820 crore, as part of the undisclosed liability to the IT department from Sahara.