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Jet-Sahara case to take at least 6 mths to resolve
It will take at least six months before the Jet-Sahara case is resolved. Arbitration proceedings have begun in Mumbai and now CNBC-TV18 draws up a list of formalities that the parties must go through before the hearing.
The arbitration in the Jet -Sahara case began today in a Mumbai hotel. This comes after the High Court's decision to allow Jet to withdraw Rs 1500 crore from an escrow against a bank guarantee. The case was subsequently transferred to arbitrators. It was a closed-door meeting but sources say both parties must file their statements of claim by October 20.
Sources also say that after Jet and Sahara have filed statements, they will get six weeks to respond to each other's claims. They will then have to file documentary evidence of the claims on February 2 next year.
The admission or denial of documentation will happen on February 16 and finally the cross-examination will start in the week commencing April 9 to be continued on April 16 and 23.
The arbitrator will decide on disputes regarding the breach of the share-purchase agreement, the escrow account and the shares account. The case relating to Rs 500 crore that Jet advanced against the personal guarantee of Sahara chief, Subroto Roy, will be heard on January 7, instead of in November, by the Mumbai High Court.
So it's going to be a long legal struggle before Jet and Sahara can fly high again!
Sources also say that after Jet and Sahara have filed statements, they will get six weeks to respond to each other's claims. They will then have to file documentary evidence of the claims on February 2 next year. 
