The Jet-Sahara courtroom battle got more intense with the Supreme Court putting a stay on Friday on proceedings of petitions filed by the two airlines against each other at Bombay and Lucknow courts.
SC stays proceedings in other courts; asks Sahara to file reply in 2 weeks.
BANGALORE: The Jet-Sahara courtroom battle got more intense with the Supreme Court putting a stay on Friday on proceedings of petitions filed by the two airlines against each other at Bombay and Lucknow courts.
The companies have been engaged in legal wrangles after Jet’s bid to acquire Air Sahara fell through over differences between the two on valuation. Jet backed out of the takeover deal, inked on January 29 this year, as it felt Sahara was overpriced at Rs 2,300 crore ($500 million).
The legal battle reached the Supreme Court last month with Jet, seeking the transfer of Sahara’s application for invoking arbitration proceedings from the court of Lucknow district judge to the Bombay High Court.
The bone of contention between them is the Rs 500 crore that Jet has deposited as guarantee money in an escrow account with ICICI Bank.
On Friday, a three-judge bench headed by Chief Justice Y K Sabharwal issued notice to Air Sahara on Jet’s petition to transfer all suits filed by it in Lucknow to Bombay High Court, and directed it to file its reply within two weeks. The apex court has also directed Jet to file a rejoinder within a week of Sahara’s reply. The next hearing on the matter is after three weeks.
The bench also upheld the interim order of the Lucknow district court to freeze the escrow account till further orders. The Lucknow court has restrained Jet Airways from withdrawing the disputed Rs 500 crore on a petition filed by Sahara on June 21. Jet has also filed a similar case in the Bombay High Court.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}