Bombay HC to give direction on Jet-Sahara case in a week

Mumbai: The Bombay High Court on Monday said that it will give direction on the Jet-Sahara case within in a week. The Supreme Court earlier sent all disputes arising from Jet Airways’ failed bid of Sahara Airlines to the Bombay High Court, and asked it to decide on the issues as early as possible.
Earlier in July, the Supreme Court had stayed the arbitration proceedings in the Lucknow district court, with the result that Jet Airways was not allowed to claim the Rs 1,500 crore lying in the escrow account with ICICI Bank. This injunction will continue till further orders are issue.
After the failure of the deal, Jet had approached the Bombay High Court and Sahara moved the Lucknow district court seeking to restrain each other from withdrawing money deposited in the escrow account.
11/09/06 Zee News

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