SpiceJet pays ₹62.5 crore to Marans, to pay ₹37.5 crore by Tuesday

livemint.com:

₹62.5 crore out of the due of ₹100 crore to Sun Group chairman Kalanithi Maran in connection with the arbitral award execution. The airline plans to pay the remaining ₹37.5 crore to Maran today or latest by tomorrow, depending on banking hours. SpiceJet wrote a cheque of ₹37.5 crore in the court, but Maran's side declined it and requested SpiceJet to transfer the amount via RTGS.

SpiceJet said they couldn't meet the payment deadline of 10 September due to the bank holiday on 9 and 10 September. The Delhi Court ordered SpiceJet to comply with the order dated 24 August and pay the remaining amount by tomorrow. The case will be heard next on 3 October.

The court also, at SpiceJet's request, sought an affidavit from Maran, asking him to maintain the confidentiality of SpiceJet's asset disclosure. Senior lawyer Mahinder Singh, representing Maran, said SpiceJet had filed the sealed cover affidavit related to disclosure of the assets, to which SpiceJet argued that they can't disclose their assets publicly as it would harm the company's interests. SpiceJet owes ₹397 crore to Maran, and the court had ordered SpiceJet on 24 August to pay ₹100 crore to Maran by 10 September or face asset attachment.

During the proceedings in the case , senior lawyer Maninder Singh, claimed that SpiceJet had forfeited its right to be heard in court by wilfully disobeying orders. Singh proposed seizing the entire profit of ₹204 crore from SpiceJet, along with future profits if the debt is not paid. In response, senior lawyer Amit Sibal, representing SpiceJet, argued that demanding immediate payment could push the airline into insolvency, which wouldn't benefit the Marans as they would become operational creditors.