In its appeal, Sahara has staked its claim for Rs2,000 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 Rs1,450 crore
Mumbai: The Bombay High Court today admitted an appeal filed by Sahara India challenging its earlier single-bench order which had held that Jet Airways was liable to pay Rs1,450 crore for the purchase of Sahara Airlines (now Jetlite) in 2007, reports PTI.
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 19th July.
In the appeal, Sahara has staked its claim for Rs2,000 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 Rs1,450 crore.
Sahara had earlier sought a stay on the order passed by justice DY Chandrachud on 5th May. The judge had asked Jet Airways to pay the remaining amount of Rs478 crore (from the purchase price of Rs1,450 crore) within two weeks to Sahara for the buyout.
The Rs478 crore comprises interest accrued at the rate of 9%, as ordered by the judge, on the initial pending amount of Rs402 crore.
Sahara has pleaded in the appeal that the 9% interest was less and that it should get more. After the deal was signed, Jet had paid Rs900 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 Rs107 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 Rs37 crore and Rs50 crore, respectively, from the two instalments it paid to the Lucknow-based corporate group.
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