SC stays the proceedings in Jet-Sahara case

New Delhi, July 14 (UNI) The Supreme Court today stayed till further orders both the proceedings pending in Lucknow District Court and Bombay High Court between Jet Airways and Sahara India Commercial Corporation Limited (SICCL) in connection with their failed deal worth Rs 2300 crore.

A three-judge Bench comprising Chief Justice Y K Sabharwal, Justice C K Thakker and Justice R V Raveendran also issued notices to the respondents SICCL and others on a transfer petition filed by Jet Airways seeking transfer of Lucknow case to Mumbai.

The court, however, directed that the interim restraint order passed by Lucknow District Court shall continue meaning thereby that Rs 1500 crore shall remain with the ICICI bank and neither of the parties shall withdraw the amount.

According to Sahara India, Jet Airways Managing Director Naresh Goyal reversed from its commitment to force Sahara group to lower the price.

Sahara is seeking damages to the tune of Rs 2000 crore and has alleged malafide intentions on the part of Jet Airways to destroy and damage the credibility of its rivals.

UNI AKS/SC MQA AD RP VV1501