Overview
- A bench of Justices P. S. Narasimha and Alok Aradhe dismissed SpiceJet and Ajay Singh’s plea and refused to stay the Delhi High Court’s January 19 direction to deposit ₹144.51 crore within six weeks.
- The High Court had recorded SpiceJet’s admission that ₹194.51 crore was payable under prior Supreme Court directions, with ₹50 crore already deposited and ₹144.51 crore outstanding.
- The dispute stems from a 2015 share transfer when Kalanithi Maran and KAL Airways sold their 58.46% stake after infusing about ₹679 crore via warrants and preference shares.
- An arbitral tribunal in July 2018 rejected Maran’s larger damages claim but directed a refund of about ₹579 crore plus interest, with the Supreme Court later ordering encashment of a ₹270 crore bank guarantee and ₹75 crore toward interest in 2023.
- SpiceJet said it has paid ₹730 crore so far, including ₹580 crore principal and ₹150 crore interest, and that it will comply with the court’s direction as substantive challenges continue.