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NEW DELHI: In a blow to cash-strapped SpiceJet, the Supreme Court on Friday directed it to pay the entire arbitration award of Rs 380 crore to the budget carrier’s former promoter Kalanithi Maran. The order came in a seven-year-old share transfer dispute between Maran and Ajay Singh, who had taken over the airline from him in 2015. The airline earned the apex court’s ire for not paying as per earlier orders and observed that business must be carried out with “commercial morality” while ordering the amount be paid in one go.
The Delhi high court had this June ordered SpiceJet to pay Rs 380 crore to Maran. In February, the SC had asked it to pay Rs 75 crore against Maran’s claim of Rs 362.5 crore in interest dues within three months under a 2018 arbitration award.While dismissing SpiceJet’s pleas seeking more time to pay Rs 75 crore to Maran, SC observed that filing applications is a delay tactic.
The Delhi high court had this June ordered SpiceJet to pay Rs 380 crore to Maran. In February, the SC had asked it to pay Rs 75 crore against Maran’s claim of Rs 362.5 crore in interest dues within three months under a 2018 arbitration award.While dismissing SpiceJet’s pleas seeking more time to pay Rs 75 crore to Maran, SC observed that filing applications is a delay tactic.
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