Supreme Court SpiceJet said on Monday that SpiceJet’s Rs 270 crore bank guarantee 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 as per the court’s award. of arbitration. 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.
Defendant Maran and Kaal Airways have already received Rs 308 crore out of Rs 578 crore, the bank said. In such a situation, the bank guarantee of Rs 270 crore has to be cashed immediately and this amount has to be delivered to the defendant. It should be noted that on July 20, 2018, the arbitration court dismissed the claim for damages of Rs 1,323 crores 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.
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