The Delhi High Court has directed SpiceJet Ltd. to pay Rs 380 crore to its former promoter, Kalanithi Maran, and ordered the airline to submit an affidavit of its assets within four weeks.
SpiceJet had failed to pay Rs 75 crore to Maran-owned KAL Airways as directed by the Supreme Court in February 2023. The interest accumulation, which was Rs 362.49 crore in February, now stands at Rs 380 crore. The apex court had asked the airline to make the payment within three months.
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Since SpiceJet had failed to pay Rs 75 crore, the Delhi High Court observed in the order on May 29 that there was no alternative except to call upon the airline to deposit the entire outstanding amount along with interest.
The dispute stems from the 2015 agreement between Maran and SpiceJet's promoter, Ajay Singh. Maran of Sun Network and Kal Airways, his investment vehicle, had transferred their 58.46% stake in SpiceJet to Singh. As part of the agreement, Maran and Kal Airways were to be issued warrants and preference shares. These were never issued.
In 2018, an arbitral tribunal had awarded Maran a refund of Rs 579 crore, plus interest. During the enforcement proceedings, the high court directed the airline to deposit around Rs 243 crore for securing the interest on the award.
The matter will come up next on Sept. 5.
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