The Delhi High Court on Monday dismissed pleas by SpiceJet Ltd. and its promoter Ajay Singh seeking a review of an earlier order to deposit Rs 144 crore in connection with its legal dispute with media baron Kalanithi Maran and Kal Airways.
Justice Subramonium Prasad also imposed cost of Rs 50,000 on the airline and Singh.
"Dismissed with cost of Rs 50,000," the judge said while pronouncing the verdict.
On January 19, the court had directed SpiceJet and Singh to deposit Rs 144 crore with the registry within six weeks against an admitted liability of Rs 194 crore. On March 18, time to make the deposit was extended by four weeks.
Singh and his budget airline sought reconsideration of the March 18 direction on several counts, including financial distress amid the ongoing war in West Asia.
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SpiceJet instead offered a commercial property in Gurugram as security and informed the court that the Centre was willing to offer it some assistance.
Maran and Kal Airways opposed the review petitions, saying the issues arising from financial distress had already been considered and rejected by the Supreme Court.
The matter arises from a dispute regarding the non-issuance of warrants in favour of Maran after the transfer of ownership to Singh, the controlling shareholder of SpiceJet.
The dispute started after Singh took back control of SpiceJet in February 2015 amid a financial crisis at the airline.
Maran and Kal Airways had transferred their entire 35.04 crore equity shares, amounting to a 58.46% stake, in SpiceJet, to its co-founder, Singh, in February 2015 for just Rs 2.
In May 2024, the division bench of the high court set aside a single judge bench order which had upheld an arbitral award asking SpiceJet and Ajay Singh to refund Rs 579 crore plus interest to Maran.
A bench of Justices Yashwant Varma and Ravinder Dudeja allowed the appeals filed by Singh and SpiceJet challenging the single judge's July 31, 2023, order and remanded the matter back to the court concerned to consider the petitions afresh.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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