Jet Airways pays part of Rs478-crore dues to Sahara: report
04 May 2011
Jet airways is reported to have paid Rs275 crore of the Rs478-crore the Bombay HC today asked it to pay the Sahara group for default in its obligations toward the Rs1,450 crore take-over of Sahara Airlines (now Jetlite).
CNBC-TV18 quoted Jet Airways CEO Shiv Kumar as saying that Rs275 crore of the dues has already been paid to the court. "The remaining Rs203 crore will be paid within two weeks." Only the interest amount of Rs116 crore was left to be paid to Sahara now, Kumar added.
Justice Dhananjay Chandrachud of the Bombay High Court today asked Jet Airways to pay Sahara India Rs478 crore in two weeks for defaulting on its payment obligations in relation to the acquisition of Sahara Airlines.
The HC arrived at the figure based on the principal amount of Rs402 crore, the judge said in an oral order.
The court said since Jet Airways had defaulted on payment obligations to Sahara, it would have to pay the latter Rs478 crore along with 9 per cent interest in two weeks. The court also ordered Jet Airways to pay an additional 9 per cent per day for any further delay.
The HC, however, rejected Sahara's claim of Rs2,000 crore as the price of acquisition instead of the renegotiated Rs1,450 crore.