No question of amicable settlement with SpiceJet: Sun Group

economictimes.indiatimes.com:

Sun Group has rejected any possibility of an amicable settlement with the other party. The case relates to a seven-year-old share transfer dispute between SpiceJet's chairman and managing director Ajay Singh and Maran and his KAL Airways. «We hope SpiceJet complies with the Supreme Court's order and pay us interest amount of Rs 386 crore, media reported citing a statement by the group issued on July 10.

Last week, the Supreme Court had directed SpiceJet to pay the entire arbitral amount of Rs 380 crore to its former promoter Kalanithi Maran. The business must be carried out with 'commercial morality', the apex court had observed. Rejecting the submissions of senior advocate Mukul Rohatgi appearing for SpiceJet, the SC refused to the extend the time, saying the entire award has now become executable.

»The battery of lawyers is involved in all this and you know, the idea is just to delay complying with the orders of the court. I personally will not approve this… The writ of the court has to be complied with and now, they (the Delhi High Court) will execute the award," the CJI said. The Delhi High Court in June asked SpiceJet to pay Rs 380 crore to Maran.

The court also directed the airline to furnish details of its assets within four weeks. On February 13, the SC directed SpiceJet to pay Rs 75 crore against Maran's claim of Rs 362.49 crore in interest dues within three months under the 2018 arbitration award. The company further said that the remaining amount of Rs 270 crore was reserved with the company in cash against which a bank guarantee has been given and it intended to discharge the said amount as per the SC's direction.