The Delhi High Court has recently directed SpiceJet to deposit the entire outstanding amount to media baron Kalanidhi Maran and his Kal Airways as interest on an arbitral award of Rs.578 crore.
On February 13, the Supreme Court instructed SpiceJet to pay Rs.75 crore to Kalanithi Maran within a 3-month period for the liability on interest pending the disposal of the petition under Section 34 of the Arbitration Act.
A single judge bench of Justice Yogesh Khanna on May 29 stated, that since the judgment debtor failed to pay the Rs.75 crore to the decree-holder, the court had no choice but to direct the judgment debtors to deposit the entire outstanding amount for interest as per the order dated February 13, 2023. The court also requested the submission of an affidavit of assets within 4 weeks.
Earlier, on September 2, 2020, the Delhi High Court directed SpiceJet to deposit over Rs.242 crore within 3 weeks in relation to a share transfer dispute involving its former promoter, Maran & Kal Airways.
Maran informed the court that the sum of Rs.75 crore had not been deposited, resulting in an increase in the interest liability from Rs.362.49 crore as stated in the order of the Supreme Court on February 13 to Rs.380 crore.
Maran sought compliance with the Supreme Court’s order.
However, SpiceJet claimed that it had already paid the principal amount of Rs.579.08 crore, and only the payment for interest remained pending. The company has filed an application before the Supreme Court, seeking a 3-month extension to make the payment of Rs.75 crore.
The matter is next listed on September 5.
