In the SpiceJet case, the court ordered to collect the bank guarantee and give it to Kalanithi Maran.

The Supreme Court said on Monday that SpiceJet’s bank guarantee of Rs 270 crore should be cashed immediately and the money should be given to media baron Kalanithi Maran and his Kal Airways in lieu of the Rs 578 crore installments given by the arbitration court. A bank of Chief Justice DY Chandrachud and Justices PS Narasimha and JB Pardiwala also ordered SpiceJet to pay Rs 75 crore to Maran and Kaal Airways as interest on the arbitration amount within three months.

The bank said: “Respondents Maran and Kal Airways have already received Rs 308 crore from Rs 578 crore. Therefore, the bank guarantee of Rs 270 crore should be cashed immediately and this amount should be delivered to the defendant. The high court was hearing Spice Jet’s appeal against the order dated 2 November 2020 from the Delhi High Court. It should be noted that on July 20, 2018, the arbitration court dismissed the claim for damages of Rs 1,323 crore to Maran and Kaal Airways for failing to issue ‘warrants’.

But he was ordered to pay Rs 578 crore with interest. Maran, the owner of Sun TV Network, had petitioned the High Court against the arbitration court’s order. The case concerns the non-issuance of ‘warrants’ in favor of Maran after the transfer of ownership to SpiceJet and its promoter Ajay Singh. Singh had retaken control of SpiceJet in February 2015 amid the airline’s financial crisis. Maran and Kal Airways transferred their entire 35.04 per cent shareholding in SpiceJet to company co-founder Singh in February 2015 for just Rs 2. This equates to a 58.46 percent stake in the airline.

Disclaimer:Prabhasakshi has not edited this news. This news has been published from PTI-language feed.