Jet restrained from operating escrow a/c
Jet Airways was on Wednesday restrained by a local court from withdrawing from the Escrow Account with ICICI Bank, the money it had transferred towards the Rs 2,300 crore buyout deal with Air Sahara.
By PTI |
LUCKNOW: Jet Airways was on Wednesday restrained by a local court from withdrawing from the Escrow Account with ICICI Bank, the money it had transferred towards the Rs 2,300 crore buyout deal with Air Sahara.
District and Sessions Judge Shiv Charan Sharma passed the order on an application moved by the Air Sahara.
The court also directed ICICI Bank not to permit Jet Airways to withdraw from the Escrow Account till June 23 - the next date of hearing.
Sahara lawyer Bulbul Godiyal said that any party could invoke section 9 of the Arbitration and Conciliation Act while the arbitral proceedings were on.
District and Sessions Judge Shiv Charan Sharma passed the order on an application moved by the Air Sahara.
The court also directed ICICI Bank not to permit Jet Airways to withdraw from the Escrow Account till June 23 - the next date of hearing.
Sahara lawyer Bulbul Godiyal said that any party could invoke section 9 of the Arbitration and Conciliation Act while the arbitral proceedings were on.
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