Mumbai: The Bombay High Court has adjourned hearing on an arbitration petition filed by Jet Airways in connection with its failed takeover of smaller rival Air Sahara. Justice D K Deshmukh listed the matter for hearing on September 21.

All cases related to the failed Rs2,200 crore deal have been transferred and would be heard by the Bombay High Court following a direction from the Supreme Court in this regard, Jet Airways counsel Janak Dwarkadas told reporters.

Jet had paid Rs 180 crore upfront for revival of Air Sahara and deposited Rs500 crore in the Rs1,500-crore escrow deposit in lieu of Air Sahara shares pledged with it as part of the deal reached in January.

Jet Airways had submitted that it was losing Rs22 lakh per day on account of its funds being locked due to the collapsed deal.

Sahara moved a court in Lucknow, after the deal fell through in June for want of regulatory clearances, and secured an order restraining Jet from operating the escrow account.

Jet then moved the Supreme Court which ordered transfer of all petitions filed by Sahara group in a Lucknow court to the Bombay High Court.

As of now four petitions - two by Sahara Group and two by Jet - are pending in the courts.