Saturday, July 15, 2006

Restraint order on Jet Airways to continue: Supreme Court

New Delhi: The Supreme Court on Friday made it clear that an interim order passed by a Lucknow court restraining Jet Airways from demanding and/or receiving Rs. 1,500 crores, deposited in the escrow account in the ICICI Bank and an injunction restraining the bank from releasing the said amount would continue until further orders.
A three-judge Bench comprising Chief Justice Y.K. Sabharwal, Justice C.K. Thakker and Justice R.V. Raveendran passed this order on transfer petitions filed by Jet Airways and others seeking transfer of an arbitration petition filed by Sahara India Commercial Corporation before a District Court in Lucknow to the Bombay High Court.
The petition before the Lucknow court was filed after the Rs. 2,300 crore takeover deal failed. The Bench, however, stayed all further proceedings pending before the Lucknow court and the Bombay High Court.
15/07/06 The Hindu