The Supreme Court on Friday refused to extend the time for making payment by low-cost airline SpiceJet to media baron Kalanithi Maran, the former promoter of SpiceJet, and his Kal Airways in pursuance of an arbitral award of Rs 578 crore related to a share-transfer dispute.
A bench headed by Chief Justice DY Chandrachud declined to grant more time to SpiceJet saying these are “luxury” litigations.
SpiceJet was directed to deposit forthwith Rs 75 crore that has to be paid to Maran and his Kal Airways towards interest on the arbitral award.
Earlier, the top court had ordered that the bank guarantee of Rs 270 crore furnished by SpiceJet to Maran and his firm must be encashed immediately if the airlines failed to pay Rs 75 crore towards interest on the arbitral award by May 13.
The apex court was hearing the appeal of SpiceJet against the November 2, 2020 order of the High Court asking the low-cost airline to deposit around Rs 243 crore as interest in connection with a share transfer dispute with its former promoter and media baron Kalanithi Maran and his firm Kal Airways.
On November 7, 2020, the top court stayed the High Court order asking SpiceJet to deposit around Rs 243 crore as interest in connection with the share transfer dispute.
SpiceJet and its promoter Ajay Singh were asked to deposit around Rs 243 crore as interest payable on Rs 579 crore, which the High Court had in 2017 asked SpiceJet to deposit under the 2018 arbitration award in the share transfer dispute. (ANI)
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