Mumbai: The Bombay High Court has admitted Sahara India's appeal that Jet Airways is liable to pay an interest rate of 18% on payment due for the buyout of Air Sahara (now Jetlite).
Sahara India had challenged a high court order that pegged the interest rate on the outstanding payment at 9%. A division bench comprising Chief Justice Mohit Shah and Justice JS Godbole also admitted Jet's appeal that it had not defaulted on payment adjusting for tax and is not liable to pay any interest.
The hearing for both the appeals has been fixed on July 19. "Both the appeals from Sahara and Jet was admitted in the court. However, those maintainable or not will be decided in next hearing," the division bench said.In May, a single-judge bench had ordered Jet to pay 478 crore to Sahara within two weeks as dues for Air Sahara buyout.
15/06/11 Maulik Vyas/Economic Times
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