Delhi High Court has asked low-cost airline SpiceJet's Managing Director Ajay Singh to appear before it in January in proceedings relating to a dispute over interest dues on arbitral award of over Rs 570 crore passed in favour of media baron Kalanithi Maran. «Ajay Singh, the Managing Director, shall remain present on the next date of hearing,» Justice Manoj Kumar Ohri said in the order passed on Monday and listed the matter for further hearing on January 10 next year.
Ajay Singh had earlier also appeared before the high court on August 24.
The high court was informed by senior advocate Maninder Singh, representing Maran's Kal Airways, that judgment debtors SpiceJet and its MD are liable to pay around Rs 4.40 crore to the decree holder (Kal Airways).
The counsel for SpiceJet, however, disputed the figure and said that the remaining balance dues are Rs 194 crore and that the judgment debtors' appeal under the Arbitration and Conciliation Act is pending consideration.
Senior advocate Amit Sibal, representing SpiceJet and its MD, submitted that the judgment debtors have offered to issue fresh equity shares in SpiceJet Ltd, equivalent to the amount due to the decree holder, to discharge their liability under the arbitral award.
Read more on economictimes.indiatimes.com
However, the counsel for Kal Airways said the offer was not acceptable to them.
The counsel said the judgment debtor has not shown any bonafide for discharge of the remaining liability under the award.
The high court was hearing an enforcement petition filed by Maran and Kal Airways seeking enforcement of the arbitral award in their favour.