Sahara files Rs 3020 cr claim against Jet

Subsequent to a failed acquisition deal, Air Sahara, on Friday, filed a Rs 3,020 crore (Rs 30.2 billion) claim against Jet Airways for non-completion of the agreement.

As part of its plea, Sahara sought a direction from the tribunal that Naresh Goyal-promoted Jet should execute the share purchase agreement and close the transaction as per directions of the tribunal.

Justice S P Bharucha and Justice B P Jeevan Reddy, both retired judges of the Supreme Court, are on the panel as nominees of Jet and Air Sahara respectively.

Alternatively, Sahara claimed if "Jet Airways is unwilling to buy Air Sahara, then Jet is liable to pay over Rs 1,931 crore (Rs 19.31 billion) as damage, compensation and inter-line revenue.

Jet on the other hand, filed its claim a day after the deadline set by the tribunal, seeking refund of Rs 500 crore (Rs 5 billion) paid by it as advance to Air Sahara along with interest. Officials of Jet in Mumbai and Sahara in Lucknow declined to comment.

The panel, headed by British judge Lord Stein, will come out with an order binding on both parties by March 2007.