Media conglomerate Sun Group on Monday said that it has rejected any chance of reaching a mutually agreed settlement in the arbitration case against the low-cost airliner SpiceJet.
The dispute dates back seven years and revolves around a disagreement over share transfers involving SpiceJet's Chairman and Managing Director, Ajay Singh, and Kalanithi Maran, along with his company KAL Airways.
Sun Group said that they expect SpiceJet to comply with the Supreme Court's order to pay them an interest amount of Rs 386 crore.
SpiceJet said the final amount to be paid by either side will be determined by Delhi High Court.
"The payment of Rs 380 crore as directed to be paid by the Supreme Court in the matter relating to Mr. Kalanithi Maran and his firm KAL Airways is only a security deposit amount arising from execution proceedings. The final amount to be paid by either side will be determined by the High Court of Delhi in the proceeding pending under Section 34 of the Arbitration Act. Orders in this petition have been reserved on 18 April, 2023 and are awaited.
"We would also like to clarify that SpiceJet had in May 2023 approached the Supreme Court seeking an extension for paying Rs 75 crore but the matter was only listed on July 7. The Hon’ble Courts’ proceedings and orders are held in the highest esteem by the Company.
In the larger interest, we remain committed to finding an amicable settlement in this matter," said SpiceJet in a statement.
10/07/2023 Tarun Mishra/Business Today
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