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Out-of-court settlement not possible : Jet, Sahara tell HC
Jet Airways and Sahara India Commercial Corporation told the Bombay High Court on Wednesday that they could not arrive at an out-of-court settlement to their dispute over the Rs 1,450-crore Sahara Airlines takeover deal.
Jet Airways and Sahara India Commercial Corporation told the Bombay High Court on Wednesday that they could not arrive at an out-of-court settlement to their dispute over the Rs 1,450-crore Sahara Airlines takeover deal.
Urging the court to resolve the dispute, Janak Dwarkadas and Fali Nariman, counsels of Jet and Sahara respectively, submitted that it was not possible for them to arrive at an amicable solution to the issue.
The court has now adjourned the matter to August 5.
Meanwhile, Jet's informed the court that it would respond on July 29 to Sahara's report on valuation of the erstwhile Sahara Airlines by Ernst and Young.
Sahara in March filed a petition claiming that the Naresh Goyal-owned airline had defaulted on the installment amount due as payment for acquisition of Sahara Airlines, now JetLite, hence it was liable to pay original deal amount of Rs 2,000 crore and not re-negotiated amount of Rs 1,450 crore.
