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Aviation

Praful Patel presents problems of civil aviation sector to PM

7/18/2009 1:57:00 PM

Mumbai, June (EPC News): The Bombay High Court has adjourned the tax dispute case between Jet Airways and Sahara India Commercial Corporation Ltd (SICCL) to July 2.

The two companies have also indicated that they are willing to go in for an out-of-court settlement. Sahara dragged Jet to court in March claiming that it had defaulted on the installment relating to the acquisition payment.

Sahara contended that since there was a breach of contract, Jet was liable to pay the original deal amount of Rs 2,000 crore and not the renegotiated figure of Rs 1,450 crore. In turn, Jet said that it had paid Rs 100 crore as the first installment after deducting Rs 37.50 crore as tax dues.

A further Rs 50 crore was deducted in the second after the Income-Tax Department raised a tax demand on the then Sahara Airlines which, Jet claimed, was for a period prior to its takeover.