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NEW DELHI: The Supreme Court on Monday
directed that all disputes arising out of the failed Rs 2,300-crore Jet-Sahara
deal will be heard by the Bombay High Court. However, the apex court did not
vacate the stay on the escrow account and the Rs 500 crore advance paid by Jet
for the purpose.
A bench headed by Chief Justice YK Sabharwal asked
the Bombay High Court to expeditiously decide the issue of jurisdiction. The HC
said the injunction granted by the Lucknow Court will continue till further
orders.
While Sahara has asked for Lucknow as the jurisdiction of
the matter, Jet says that it should be Mumbai. However, the bench stated that it
would be open to respondent Sahara to urge before the Bombay High Court that it
lacks inherent jurisdiction.
On the collapse of the deal, Jet and
Sahara had approached Bombay High Court and Lucknow Court, respectively, seeking
to restrain each other from withdrawing money deposited in the escrow
account. |
