The Sahara Group, owner of the erstwhile Air Sahara which was acquired by Jet Airways in 2007, has taken Jet Airways to court over non-payment of dues worth Rs 1,450 crore (Rs 14.5 billion).
Sources said Sahara filed a case in the Bombay High Court a few days ago on non-payment of dues.
According to sources, Jet was to pay Rs 900 crore (Rs 9 billion) to Sahara upfront, while Rs 137.5 crore (Rs 1.38 billion) was to be paid in yearly instalments over four years. Jet defaulted on the yearly instalment, they said.
The source added that Jet's payout to Sahara in case of a single year's default could be Rs 550 crore (Rs 5.5 billion).
A Sahara spokesperson confirmed the development but refused to give details. A Jet Airways spokesperson refused to comment on the issue.
