Mumbai: The Bombay High Court will hear on 29 April the dispute between Jet Airways and Sahara India Commercial Corporation over the alleged violation of takeover agreement of erstwhile Sahara Airline.
Counsels for both the parties informed Justice D Y Chandrachud that they would be ready with their arguments on that day.
Jet’s counsel Janak Dwarkadas on 19 April had urged the court for time to file a rejoinder to Sahara’s application seeking Rs2,000 crore from it as the buyout price on the ground that the agreement has allegedly been violated.
Sahara had moved the High Court contending that the Naresh Goyal-led airline was liable to pay Rs2,000 crore instead of the renegotiated amount of Rs1,450 crore agreed between them.
Sahara said the takeover price had been brought down to Rs1,450 crore from Rs2,000 crore provided Jet Airways would not default on payment. But Sahara said there is default in payment and, therefore, concession on the takeover deal was not tenable.
Jet bought Sahara Airlines from Sahara Group in April 2007 for Rs1,450 crore after an arbitration award. It paid Rs900 crore and agreed to pay the balance in four instalments.
Jet’s lawyer had earlier contended that in March 2008 the Income Tax department demanded tax dues of Rs107 crore from Sahara India Airlines (now called JetLite).
According to Jet, this amount was due from Sahara Group as it pertained to the period before the acquisition.
While paying Sahara the instalment of Rs137 crore last March, Jet deducted Rs37 crore against the IT dues. This year too, Jet deducted Rs50 crore on the same account.
Jet said that Sahara has now taken a stand that it is not liable to pay the I-T dues.
Earlier, Sahara had secured order from the High Court to attach the movable properties of Jet Airways. However, Jet moved the court to stay the order. The court stopped further attachment, but said that the properties already attached would remain unaffected.