Delhi High Court gives a big blow to SpiceJet, Kalanithi Maran will get 380 crores

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The Delhi High Court has ordered low-cost airline SpiceJet to pay Rs 380 crore to its former promoter Sun Group’s Kalanithi Maran and has asked it to submit an affidavit of the property within 4 weeks. Because it has failed to pay Rs 75 crore as ordered by the Supreme Court. That’s why now SpiceJet will give Rs 380 crore to Maran.

The High Court’s judgment on May 29, 2023 stems from a long-standing battle between the Maran family and the current promoters, Ajay Singh and SpiceJet, over key liabilities. Which is a blow for the airline, which surprised with a 4-fold increase in income in the December quarter to Rs 106.8 crore. And comes in the middle of a fight with the aircraft reducers on payment.

Maran had filed a case against SpiceJet

According to sources, Maran had sued SpiceJet in 2017 for failing to issue convertible warrants and preference shares to him and his KAL Airways. After a long battle, SpiceJet paid the principal amount of Rs 579.08 crore to Maran, but the interest portion was left. The interest was Rs 242 crore in October 2020, accumulated up to Rs 362 crore by February 2023 and finally reached Rs 380 crore.

A SpiceJet spokesperson said SpiceJet is already in talks with Maran and Kal Airways for a comprehensive solution. We are confident of resolving it mutually as we have already paid the entire principal amount awarded by an arbitral tribunal.

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Maran bought 37.7% stake in SpiceJet

In 2010, Kalanithi Maran bought a 37.7 per cent stake in SpiceJet for Rs 750 crore, but later suffered huge losses and sold it back to Ajay Singh for Rs 2 in 2015. But Maran is now embroiled in a legal battle with SpiceJet over a dispute relating to payment of interest in the share transfer.

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