The legal wrangle between Jet Airways and Air Sahara, following abortion of the acquisition deal, got further complicated on Friday with Jet moving the Bombay High Court against Sahara chief Subroto Roy for recovery of Rs 500 crore advance money.
Updated at 7 pm
MUMBAI: The legal wrangle between Jet Airways and Air Sahara, following abortion of the acquisition deal, got further complicated on Friday with Jet moving the Bombay High Court against Sahara chief Subroto Roy for recovery of Rs 500 crore advance money.
The date for hearing of this fresh petition has not been fixed as yet.
Jet's lawyer Janak Dwarakadas said "since Roy was a personal guarantor for the refund of the advance in case share-purchase agreement was terminated -- for any reason whatsoever -- we are filing a case against him."
"The agreement provided that in the event of acquisition agreement being aborted, Sahara would refund Rs 500 crore within seven days, and Mr Roy had stood a personal guarantor for this purpose," he said.
Jet, which had transferred Rs 500 crore into an escrow account as an advance against buying 100 per cent stake in Air Sahara, filed an arbitration suit in the Bombay High Court in this matter last week.
In January, Jet had signed an agreement with Air Sahara to acquire the latter for Rs 2,300 crore.
However, the deal collapsed this month on the expiry of the Share Purchase Agreement as Jet's chief Naresh Goyal failed to get a security clearance from Union Home Ministry by that time.
LUCKNOW: The District Court hearing a petition by Air Sahara on its failed acquisition deal by Jet Airways on Friday deferred hearing on the matter till July 29, after being informed by counsels of opposing parties that a petition had been filed in the Supreme Court seeking transfer of the cases.
District and Sessions Judge Shiv Charan Sharma, while deferring the matter, directed that the interim order restraining Jet Airways from making any withdrawal from the escrow account, and ICICI Bank from releasing any money will continue till further orders.
As soon as the hearing began this morning, the counsels informed the court that a petition had been filed in the apex court seeking transfer of the case.
The court, in order to avoid duplication in hearing the arguments, adjourned the matter till July 29 next.
Air Sahara on Friday filed a supplementary affidavit on which the court granted time till July 22 to Jet for filing a rejoinder affidavit.
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