No question of amicable settlement with SpiceJet: Marans
New Delhi: s the legal battle between low-cost carrier SpiceJet and its former promoter drags on, the Maran Group have stated that there is no question of an amicable settlement with the airline. "....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 Honorable Supreme Court of India," a statement from Marans Group firm KAL Airways said. The Maran Group issued the clarification on reports of amicable settlement between the Marans and SpiceJet, following the Supreme Court order dated 7 July. The apex court directed budget airline SpiceJet to pay the entire arbitral amount of ₹380 crore to former promoter Kalanithi Maran in their legal dispute, a development which may impact the debt-laden carrier further. A bench presided over by Chief Justice D Y Chandrachud and comprising Justice P S Narasimha dismissed SpiceJet’s plea seeking additional time to pay the ₹75 crore to Maran and KAL Airways, as directed by the apex court on 13 February.
Besides, the bench said that a clear message should be sent to ensure the court’s orders are followed, especially in commercial matters. "We hope that SpiceJet Ltd will comply with the orders of the Honorable Supreme Court of India and pay us the interest amount of ₹386 crore forthwith," Kal Airways added. Meanwhile, SpiceJet said that the concerned payment is only "a security deposit" amount arising from execution proceedings. "The final amount to be paid by either side will be determined by the Hon'ble High Court of Delhi in the proceeding pending under Section 34 of the Arbitration Act," SpiceJet said, adding that the orders in this petition have been reserved on 18 April
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