SpiceJet will demand back ₹450 crore from Kalanithi Maran and his KAL Airways in this case, know the whole thing
Domestic airline company SpiceJet said it will seek refund of Rs 450 crore out of the total Rs 730 crore paid to the airline’s former promoter Kalanithi Maran and his company KAL Airways following the Delhi High Court decision. According to Bhasha news, the Delhi High Court had on May 17 rejected the order in which SpiceJet and its promoter Ajay Singh were directed to return Rs 579 crore with interest to media baron Kalanithi Maran.
SpiceJet responded after the court’s decision
According to the news, the appeal filed by Singh and SpiceJet challenging the order of July 31, 2023 of the single bench of the court was accepted. Also sent the case back to the concerned court for a fresh consideration of the petitions challenging the arbitral award. After this decision, the airline informed the stock market on Wednesday that it will seek refund of Rs 450 crore out of the Rs 730 crore paid to Maran and KAL Airways.
Rs 150 crore included in addition to interest
SpiceJet has paid a total of Rs 730 crore to Maran and KAL Airways, which includes Rs 580 crore of principal and additional Rs 150 crore of interest, the airline said. With the rejection of the disputed order, SpiceJet is sure to get back Rs 450 crore. The dispute has been going on since February 2015, when Maran transferred his entire stake in SpiceJet to the airline’s current Chairman and Managing Director Ajay Singh, even as SpiceJet was almost shut down due to severe cash crunch in 2014-15. was about to. Earlier, SpiceJet has resumed flight services from Delhi and Kolkata to Pakyong Airport in Sikkim.
