Sunday, July 09, 2023

Interest payment row: SpiceJet official says confident of resolving issues through talks with Maran

SpiceJet, in the midst of a legal battle with media baron Kalanidhi Maran and his company Kal Airways over an arbitral award, expressed confidence on Saturday that the issues could be resolved through negotiations. This comes a day after the Supreme Court denied SpiceJet’s request for additional time to make interest payments related to the Rs 578 crore arbitral award.

According to an airline official, the case and final order are still pending before the Delhi High Court, clarifying that the Rs 380 crore represents only the deposit amount. The official further stated that SpiceJet is actively engaged in discussions with Kalanidhi Maran and KAL Airways to reach a full and final settlement regarding the interest amount.

The airline remains optimistic that a satisfactory resolution can be achieved through dialogue, citing successful settlements with numerous partners in the past. Earlier in the case, the Delhi High Court had directed SpiceJet to immediately deposit Rs 75 crore as interest on the arbitral award owed to Maran and Kal Airways.

In response to the developments, SpiceJet released a statement asserting that the dispute revolves around the payment of interest on an already settled principal amount of Rs 578 crore. The airline reaffirmed its commitment to seeking a mutually agreeable settlement with the concerned parties.

09/07/2023 Financial Express

To Read the News in full at Source, Click the Headline


Post a Comment