SpiceJet clears ₹100 crore dues to ex-promoter Kalanithi Maran
₹100 crore to Sun Group chairman and former promoter of the airline Kalanithi Maran, according to the direction of the Delhi high court on the arbitral award. On Monday, the airline paid ₹77.5 crore and committed to clear the remaining amount of ₹22.5 crore within a day, as the counsel appearing for Maran refused to accept a cheque that was submitted in the HC, and instead requested SpiceJet to transfer the amount via RTGS. On 24 August the Delhi high court had ordered SpiceJet to pay ₹100 crore as part of the arbitration award to Maran by 10 September.
The airline had informed the court that it couldn’t meet the deadline due to bank holidays on 9 and 10 September. SpiceJet owes ₹397 crore to Maran. The court is scheduled to consider on the remaining amount on 3 October.
In the execution of arbitration award, Maran had claimed that SpiceJet had forfeited its right to be heard, as it had wilfully disregarded the orders of the court. Maran’s counsel had requested the HC to seize SpiceJet’s ₹204 crore profit, along with future profits if the debt was not settled. However, SpiceJet argued that immediate payment could push it into insolvency and will not be in interest of Maran, as he would be categorized as an operational creditor.
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