Delhi High Court Dismisses SpiceJet Plea To Stay Interest On Arbitral Award To Kalanithi Maran
The Delhi High Court dismissed on Thursday Spicejet Ltd.'s plea for a stay on the single-judge bench's refusal to waive interest on the arbitral award owed to Kalanithi Maran of Kal Airways Pvt.
SpiceJet cited that they had not been able to pay the arbitral dues to Maran because of lack of funds and if it becomes insolvent, Maran could become an operational creditor, which would not benefit him either.
The division bench said it cannot grant a stay on the single judge's order as the Supreme Court had denied SpiceJet's request in February for an extension to meet the payment obligations to Maran.
The apex court had ordered SpiceJet to pay the entire arbitral award of Rs 380 crore to Maran, the former promoter of the airline, in a single payment. It rejected SpiceJet's plea for additional time to make the payments in an attempt to uphold "commercial morality" in business.
On July 31, the high court upheld the 2018 arbitral award that directed Spicejet to refund Rs 578 crore to Kal Airways and its Chairperson Maran. The court had asked the airline to refund Rs 308 crore in cash with interest and the rest Rs 270 crore towards cumulative redeemable preference shares.
Kal Airways and Maran was awarded a 12% interest for pendente lite—interest that gets accumulated while a suit is pending—and would get an 18% interest from the final due date if SpiceJet and Chairperson Ajay Singh fail to fulfill the payments within two months from the award date.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
