Supreme Court directs SpiceJet to pay Maran Rs 380-crore arbitration award
Supreme Court Friday directed cash-strapped SpiceJet to pay the entire arbitration award of ₹380 crore to its former promoter Kalanithi Maran in a share transfer dispute, saying business must be carried out with «commercial morality». While refusing to grant more time to the airline to make payments of ₹75 crore to Maran, a bench led by Chief Justice DY Chandrachud said that «this is a luxury litigation...Which Supreme Court in the world will hear these arguments?» SpiceJet had sought two more months to pay as the airline was facing financial constraints. On February 13, the Supreme Court directed SpiceJet to pay ₹75 crore against Maran's claim of ₹362.49 crore in interest dues within three months under the 2018 arbitration award.
The top court had also directed the airline to encash a ₹270-crore bank guarantee «immediately» to pay an arbitral award of ₹578 crore to Maran. «The present order of the Supreme Court is the reiteration of its earlier order passed in February 2023. The main petition challenging the award by both the parties are pending disposal by the Hon'ble Delhi High Court,» the airline's spokesperson said in a mailed statement.
«The matter relates to payment of interest on a principal amount of ₹579 crore that has already been paid. SpiceJet is engaged in talks with Mr. Kalanithi Maran and his firm KAL Airways and remains committed to finding an amicable settlement.» Even the Delhi High Court on June 1 asked the carrier to pay ₹380 crore to Maran and also furnish details of its assets.
Read more on economictimes.indiatimes.com
