HC admits Sahara's claim of Rs 2,000 crore against Jet

HC admits Sahara's claim of Rs 2,000 crore against Jet

Sahara's appeal was admitted by a division bench of Chief Justice Mohit Shah and Justice Girish Godbole who fixed the matter for hearing on July 19.

In the appeal, Sahara has staked its claim for Rs 2,000 crore, the original price for the buyout. It said the court had erred in holding that Jet Airways was liable to pay the renegotiated amount of Rs 1,450 crore.

Sahara had earlier sought a stay on the order passed by Justice D Y Chandrachud on May 5. The Judge had asked Jet Airways to pay the remaining amount of Rs 478 crore (from the purchase price of Rs 1,450 crore) within two weeks to Sahara for the buyout.

The Rs 478 crore comprises of the interest accrued at the rate of 9 percent, as ordered by the Judge, on the initial pending amount of Rs 402 crore.

Sahara has pleaded in the appeal that 9 per cent interest was less and that it should get more. After the deal was signed, Jet had paid Rs 900 crore to Sahara and agreed to pay the remaining amount in four instalments from 2008.

The Income Tax department had earlier slapped a notice of Rs 107 crore on Sahara. While Jet said Sahara was liable to pay this amount as it pertained to period before acquisition of the airline, Sahara argued it was not liable to pay for it.

On account of the I-T notice, Jet deducted Rs 37 crore and Rs 50 crore, respectively, from the two instalments it paid to the Lucknow-based corporate group.

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