Jet Airways is close to reaching an agreement with Sahara India Commercial or SICCL, based on which it could pay around Rs 300 crore to the latter, reports Mint’s PR Sanjai.

Here is a verbatim transcription of Mint’s PR Sanjai’s comments on CNBC-TV18. Also watch the accompanying video.

Jet Airways and Sahara India are heading towards an out-of-the-court settlement because the Mumbai High Court has clearly told them to settle the dispute outside the court. I think that is the ideal thing for Jet Airways and Sahara India to get this dispute resolved otherwise this is going to be an ongoing tussle for sometime and it is going to be a detrimental for both the companies. I spoke to a lot of executives and they said that it is the best option before them as to get this matter resolved out of the court.

I believe the negotiation for the out-of-the-court settlement has already started i.e. the final round has started and they are meeting in the offsite location and the top executives of both, Sahara India and Jet Airways, are in talks and they are negotiating various proposals as to how to solve this issue.