HC tells Jet Airways to pay Rs 478 crore dues to Sahara India

Mumbai: The Bombay High Court today asked Jet Airways to pay Sahara India Rs 478 crore in two weeks on account of default in its obligations toward the Rs 1,450 crore take over deal of Sahara Airlines (now Jetlite).
Justice Dhananjay Chandrachud, however, rejected the petition filed by Sahara claiming Rs 2,000 crore as the total sum for the take over instead of the renegotiated amount of Rs 1,450 crore agreed between Jet and Sahara.
The judge held that Jet Airways was liable to pay Sahara Rs 478 crore, which includes interest at 9 per cent per annum. This amount was computed on the principal amount of Rs 402 crore, the court said in an oral order.
Jet bought Sahara Airlines in April, 2007, for Rs 1,450 crore after an arbitration award. It paid Rs 900 crore and agreed to pay the balance in four installments.
04/05/11 PTI/Economic Times

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Categories: Jet Airways May 2011, Jetlite May 2011