SpiceJet pays dues of ₹62 cr to Marans
₹62.5 crore to Kalanithi Maran on Monday, and is planning to clear the remaining ₹37.5 crore within a day, to comply with a 24 August Delhi high court order in connection with the arbitral award. In a separate development earlier in the day, the Supreme Court ordered the debt laden airline to settle dues to Credit Suisse by 22 September. The SC also warned SpiceJet and its promoter Ajay Singh, for not complying with its order in the case of defaults to Credit Suisse.
“SpiceJet acknowledges the legal process and is committed to complying with all court directives and obligations in the Credit Suisse case and will make the payment of $1.5 million as per the court directive. Till date, SpiceJet has already paid a total of $8 million to Credit Suisse," the airline said in a statement. This liability is an old one and predates the current Promoter taking over the company In its earlier order on the arbitral award to Maran, former promoter of SpiceJet, the Delhi high court had asked the airline to clear dues of ₹100 crore by 10 September.
However, SpiceJet told the court that it failed to meet the deadline due to bank holidays on 9 and 10 September. The airline also submitted a cheque of ₹37.5 crore in court towards settling the dues, but the counsel appearing for the Marans refused to accept it, and requested SpiceJet to transfer the amount via RTGS. Subsequently, the high court asked SpiceJet to comply with its earlier order, and pay the remaining amount by Tuesday.
The case will come up for hearing on 3 October. At SpiceJet’s request, the court also asked the Marans to file an affidavit, committing to maintain the confidentiality of SpiceJet’s asset disclosure. Appearing for Maran, senior counsel Maninder Singh had
. Read more on livemint.com
