Jet files civil suit in Bombay High Court
In January this year, Jet had signed an agreement with Air Sahara to acquire the latter for Rs 2,300 crore.india Updated: Jun 30, 2006 16:53 IST
Jet Airways on Friday filed a case against Sahara Group chief Subroto Roy for the recovery of Rs 500 crore advance paid to Air Sahara when the Rs 2,300 crore acquisition was struck.
The case was filed in the Bombay High Court against Roy on the grounds that he had personally guaranteed refund of the advance in case the deal fell through.
Jet has already filed an arbitration suit in the High Court in this matter.
In January this year, Jet had signed an agreement with Air Sahara to acquire the latter for Rs 2,300 crore.
However, Jet pulled out of the deal this month alleging that Sahara had not fulfilled the conditions in the agreement before the deal could go through.