Jet Airways can go ahead with its joint venture with Godrej Properties for developing a 3.5 lakh sq ft plot at Bandra-Kurla Complex, the Bombay high court said on Friday. The plan had been stuck for the past two years, following a court stay because of the airline’s dispute with Sahara Airlines over its buyout price.
However, the court has restrained Jet from alienating (meaning, selling or creating third party rights) 1.5 lakh sq ft of the built-up area, which is to be the airline’s share after the property is developed.
The division bench of chief justice Mohit Shah and justice Girish Godbole also restrained the airline from mortgaging or creating any encumbrance on half of the developed property (75,000 sq ft).
The court was hearing an appeal filed by Sahara, which challenged the May 4 order - passed by a single judge of the high court — that Jet’s liability is Rs 1,450 crore, as against Sahara’s claim of Rs 2,000 crore.
Pradeep Sancheti, Sahara’s counsel, had sought a stay on the development of the BKC property, saying that it could be disposed of after development.
07/05/11 Urvi Mahajani/Hindustan Times
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