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Jet allowed to take escrow account money
"Jet will have the right to withdraw Rs 1,500 crore against bank guarantee of the same amount," Justice DK Deshmukh said in his order.
Updated on: Sep 22, 2006, 13:56:00 IST
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The Bombay High Court on Friday allowed private carrier Jet Airways to withdraw Rs 1,500 crore deposited by it for acquiring rival Air Sahara.
"Jet will have the right to withdraw Rs 1,500 crore against bank guarantee of the same amount," Justice DK Deshmukh said in his order.
The amount in the escrow account will go to Jet and the interest will go to Air Sahara.
The escrow account formalities will be decided by an arbitration tribunal.
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