SpiceJet will demand back Rs 450 crore from Kalanithi Maran and KAL Airways, the airline announced
Spicejet Row: The Delhi High Court had on May 17 quashed the order directing SpiceJet and its promoter Ajay Singh to return Rs 579 crore with interest to media baron Kalanithi Maran.
Airlines SpiceJet on Wednesday said it will seek a refund of Rs 450 crore out of the total Rs 730 crore paid to the airline's former promoter Kalanithi Maran and his company KAL Airways following the Delhi High Court verdict.
On May 17, the Delhi High Court overturned the decision mandating that SpiceJet and its promoter, Ajay Singh, reimburse media mogul Kalanithi Maran for Rs 579 crore, plus interest.
The appeal Singh and SpiceJet filed to contest the single bench's July 31, 2023, order was accepted by the division bench of the court. also remanded the case to the relevant court so that the petitions contesting the arbitral award could be reviewed again.
The airline notified the stock market on Wednesday of its decision, stating that it would request a reimbursement of Rs 450 crore from the Rs 730 crore that was paid to Maran and KAL Airways.
The airline said, "SpiceJet has paid a total of Rs 730 crore to Maran and KAL Airways, which includes Rs 580 crore of principal and an additional Rs 150 crore of interest. With the cancellation of the disputed order, SpiceJet will be paid Rs 450 crore." We are sure to get back."
