Kalanithi Maran’s plea seeking damages worth ₹1,323 crore from SpiceJet rejected by Delhi HC: Report
₹1,323 crore from the budget carrier, The Economic Times reported. However, it also dismissed SpiceJet and current promoter Ajay Singh's challenge to the arbitration award, which directed Singh to refund ₹579 crore, along with interest, to Maran, the publication added.. The issue stems from the non-issuance of convertible warrants and preference shares to Maran and Kal Airways, the former owners of the airline.
The dispute traces back to January 2015 when Ajay Singh, who had previously owned the airline, repurchased it from Maran, who had faced months of grounding. Maran claimed damages for the alleged failure to issue the said financial instruments, amounting to ₹1,323 crore. Earlier in July, the Supreme Court intervened in the matter and directed SpiceJet to pay the entire arbitral amount of ₹380 crore to Maran.
In its ruling, the apex court emphasised the importance of conducting business with "commercial morality". LiveMint earlier cited Kal Airways as clarifying that there was no amicable settlement with SpiceJet. “It has come to our knowledge that a statement purportedly issued by the spokesperson of SpiceJet Ltd has been circulating among certain sections of the media that SpiceJet Ltd is in talks with Mr.
Kalanithi Maran and M/s. Kal Airways Pvt. Ltd.
for an amicable settlement," the company said in an official statement earlier in July. “We deny the same and state that there is no question of an amicable settlement with SpiceJet Ltd in view of the matter having reached finality by virtue of the order dated July 7, 2023 of the Honourable Supreme Court of India," it added. Read more about the development in the ET report.
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