supreme The court on Friday rejected the petition of SpiceJet airline and its chairman Ajay Singh challenging the order of Delhi High Court. In the petition, the High Court’s order to deposit Rs 144.5 crore was challenged. The dispute pertains to the arbitration case with Kalanithi Maran and KAL Airways Private Limited. Justice P.S. A bench of Justice Narasimha and Justice Alok Aradhe upheld the January 19 order of the Delhi High Court. Along with this, the Supreme Court also imposed a fine of Rs 1 lakh on Ajay Singh for ‘continuing the litigation unnecessarily’.
Dues of Rs 144.51 crore on airline company SpiceJet
The Delhi High Court had said in January that the Supreme Court’s 2023 payment and compliance directions were not fully followed. SpiceJet had admitted owing Rs 194.51 crore. Of this, Rs 50 crore has already been deposited, while Rs 144.51 crore is left. On the Supreme Court’s decision, SpiceJet said in a statement that it has taken the order into consideration and will comply with all directions of the court. Along with this, SpiceJet said that this development will not have any impact on its daily operations.
The whole matter is related to share transfer of 2015.
Let us tell you that this matter is related to the share transfer agreement of 2015, under which Kalanithi Maran and KAL Airways Private Limited had sold their 58.46 percent stake in SpiceJet to Ajay Singh. The airline company said it has so far paid Rs 730 crore to Kalanithi Maran and KAL Airways, which includes Rs 580 crore as principal and Rs 150 crore as interest. The remaining money will be deposited as per the instructions of the court.
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