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Home >News >India >Kalanithi Maran moves Delhi HC against non-payment of 243 crores by SpiceJet
Delhi High Court

Kalanithi Maran moves Delhi HC against non-payment of 243 crores by SpiceJet

They have also sought directions for appointment of an Administrator / Officer to take over the management of the company

New Delhi: Kalanithi Maran and KAL Airways on Thursday moved Delhi High court against non payment of 243 crores by SpiceJet and has sought attachment of entire shareholding of Ajay Singh in the airline.

New Delhi: Kalanithi Maran and KAL Airways on Thursday moved Delhi High court against non payment of 243 crores by SpiceJet and has sought attachment of entire shareholding of Ajay Singh in the airline.

They have also sought directions for appointment of an Administrator / Officer to take over the management of the company with the direction to apportion and pay to them the amount due till the date of actual payment, by liquidating the shares of Ajay Singh.

They have also sought directions for appointment of an Administrator / Officer to take over the management of the company with the direction to apportion and pay to them the amount due till the date of actual payment, by liquidating the shares of Ajay Singh.

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They have submitted in their plea that the period of 6 weeks granted by this court for making payment of 242,93,70,845.56 /- in terms of order dated 02.09.2020 expired on 14 October 2020.

“Till such date, no payment ofthe amount directed has been made by the Judgment Debtor and making the judgment debtor willfully non-compliant and disobedient ofthis Hon'ble Courts' order," pleas filed by Karanjawala & Co said.

The court has sought reply from the airline has listed the matter on 4 November.

The Delhi high court on 2 September had directed SpiceJet Ltd to deposit 243 crore with the court registry in the ongoing arbitration case with its former owner Kalanithi Maran and his company, KAL Airways.

The court in that order had also directed the Ajay Singh-led low-fare airline to make the payment within six weeks, adding that if it fails to do so, Maran can approach the court to seek status quo on SpiceJet’s shareholding.

This amount is over and above the 579 crore that SpiceJet has already deposited with court.

Maran had dragged SpiceJet to the Delhi high court in February 2015, demanding that 180 million warrants redeemable as equity shares be transferred to them.

In July 2017, Justice Manmohan Singh of the Delhi high court directed SpiceJet to deposit 579 crore in five equal monthly instalments with the court registry. The court also asked KAL Airways and SpiceJet to set up an arbitral tribunal to resolve the issue.

SpiceJet challenged the order in the Supreme Court. However, the apex court on 28 July 2017 rejected SpiceJet’s appeal and directed it to deposit the money as the high court ordered.

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