Saturday, June 03, 2023

Delhi High Court directs SpiceJet to pay outstanding interest to Kalanidhi Maran

The Delhi High Court has directed SpiceJet to deposit “forthwith” the entire outstanding amount to media baron Kalanidhi Maran and his Kal Airways towards interest on an arbitral award of Rs 578 crore.

The Supreme Court had on February 13 directed Spicejet to pay within three months Rs 75 crore to Kalanithi Maran “towards the liability on account of interest pending the disposal of the petition under Section 34” of the Arbitration Act.

A single judge bench of Justice Yogesh Khanna in its May 29 order said: “Since the judgment debtor had failed to pay an amount of Rs.75.00 crores to decree holder, hence in terms of para 15(ii) of the order dated 13.02.2023 of the Hon’ble Supreme Court, there is no other alternative except to call upon the judgment debtors to deposit the entire outstanding amount qua interest forthwith, thus is so directed. Affidavit of assets be also filed within four weeks from today.” The matter is next listed on September 5.

The HC had on September 2, 2020 directed SpiceJet to deposit an amount of over Rs 242 crore within three weeks in connection with the share transfer dispute with its former promoter, Maran and Kal Airways.

Maran submitted before the HC that an amount of Rs 75 crore had not been deposited as yet and hence the interest liability which was Rs 362.49 crore as noted in SC’s order of February 13 had since increased to Rs 380 crores. Maran sought compliance of the SC’s order.

SpiceJet however submitted that it has already paid the principal amount of Rs 579.08 crore and now the payment only with respect to interest is pending and they have already moved an application before the Supreme Court for extension of time period for further three months to make payment of Rs75 crore.

02/06/2023 Indian Express

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