SC orders a stay on Jet-Sahara case

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New Delhi: The Supreme Court has stayed proceedings in the Lucknow and Bombay high courts on the collapsed Jet Sahara deal.

However, the interim order by the Lucknow court to freeze Jet Airways’s Rs 1500 crore Escrow account will stay.

A three-judge Bench headed by Chief Justice Y K Sabharwal also issued notice to Air Sahara on Jet's petition to transfer all suits filed by it in Lucknow to Bombay high court.

The apex court directed Air Sahara to file its reply within two weeks and asked Jet Airways to file its rejoinder in one week after the reply was submitted.

The court listed the hearing on the matter after three weeks and also directed that the interim order of the Lucknow district court to freeze the escrow account would continue till further orders.

Sahara Chief Subrata Roy had moved the case to Lucknow court for a stay on the Rs 500 crore paid to it as advance by Jet for its shares.

It had also frozen the Rs 1500 crore-escrow account opened by Jet with ICICI Bank.

Jet Airways had in turn approached the Bombay High Court asking for a refund of the advance money paid. It had also filed a petition in the Supreme Court for a transfer of all related litigation in Lucknow to the Bombay High Court.

(With Agency inputs)

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