Delhi HC extends SpiceJet's deadline for Rs 1 bn payment to Maran
AVIATION & AIRPORTS

Delhi HC extends SpiceJet's deadline for Rs 1 bn payment to Maran

The Delhi High Court has granted low-cost airline SpiceJet and its Chairman and Managing Director (CMD) Ajay Singh an extension until Tuesday to settle the outstanding amount of a Rs 1 billion arbitral award owed to Kal Airways' promoter, Kalanithi Maran. This decision comes after the court's previous directive on August 24, which had given SpiceJet and Singh until September 10 to make the payment, warning of potential property attachment if they failed to comply.

According to a statement from SpiceJet's spokesperson, "SpiceJet has paid Rs 775 million to Kalanithi Maran and will fulfil the remaining Rs 1 billion payment tomorrow by contributing Rs 225 million as per the Delhi High Court's instructions."

The spokesperson further emphasised SpiceJet's commitment to adhering to all court orders and obligations related to the Credit Suisse case, noting that the airline would make a $1.5 million payment as per the court's directive. To date, SpiceJet has already paid a total of $8 million to Credit Suisse.

During the recent court hearing, Singh's legal representative disclosed that they had already remitted Rs 625 million to Maran and were carrying a Rs 375 million check in his name. However, Maran's counsel argued that SpiceJet had ample time since August 24 to fulfil the payment, and the delay was unwarranted.

Consequently, the court instructed Singh and the airline to settle the remaining amount either by the end of the day or by September 12, with the case scheduled for the next hearing on October 3.

In previous proceedings, senior advocate Maninder Singh, representing Maran and Kal, had asserted that SpiceJet and its CMD were required to submit an affidavit of assets and weekly collection within one week, which they had failed to do in a timely manner and in the court-mandated format.

On August 9, the court had issued notice on Kal Airways and Maran's application, requesting 50% of SpiceJet's daily revenue collection to be paid to them on a weekly basis. Singh had argued that the orders issued by the Supreme Court on February 13 and July 7 had not been complied with.

Amit Sibal, another senior advocate, contended that the amount owed stood at Rs 2.79 billion, rather than the Rs 3.97 billion argued by advocate Singh. He made an offer to deposit Rs 750 million within 10 days, but this was met with objection, as it was originally due in April but remained unpaid.

SpiceJet's spokesperson reiterated the company's commitment to comply with the court's order to pay Rs 1 billion by September 10, 2023. The court has scheduled the next hearing for September 11.

Justice Yogesh Khanna, on August 9, had instructed SpiceJet and Singh to provide an affidavit disclosing their assets and revenue collection within one week and mandated Singh's presence at the next hearing. Given SpiceJet and Singh's apparent willful default and lax attitude, the judge advanced the hearing.

Singh proposed that, due to the defaults and delays, SpiceJet and Singh should deposit Rs 3.93 billion and file their asset disclosure affidavit before the next hearing. He sought court directions for 50% of the daily revenue collected by SpiceJet to be paid to the decree holders on a weekly basis, prompt asset disclosure, same-day filing of account statements in court, and payment of the entire arbitral award amount to the decree holders.

Senior Advocate Sandeep Sethi admitted that SpiceJet had not complied with the orders but argued that the matter was already set for a hearing on September 5, with no reason to expedite it further.

In response, the judge noted that the decree holder had no choice but to seek an early hearing, as the judgment debtor was not complying with court orders, including the timely filing of asset disclosure affidavits.

On July 24, the high court issued notice to SpiceJet and Singh, urging an urgent hearing of its enforcement petition regarding a case where SpiceJet owed approximately Rs 3.9 billion for interest liability under the arbitral award. Justice Khanna approved the application, directing SpiceJet and Singh to file an affidavit disclosing all their assets before the next hearing on September 5, and mandating Singh's physical presence.

The Delhi High Court has granted low-cost airline SpiceJet and its Chairman and Managing Director (CMD) Ajay Singh an extension until Tuesday to settle the outstanding amount of a Rs 1 billion arbitral award owed to Kal Airways' promoter, Kalanithi Maran. This decision comes after the court's previous directive on August 24, which had given SpiceJet and Singh until September 10 to make the payment, warning of potential property attachment if they failed to comply.According to a statement from SpiceJet's spokesperson, SpiceJet has paid Rs 775 million to Kalanithi Maran and will fulfil the remaining Rs 1 billion payment tomorrow by contributing Rs 225 million as per the Delhi High Court's instructions.The spokesperson further emphasised SpiceJet's commitment to adhering to all court orders and obligations related to the Credit Suisse case, noting that the airline would make a $1.5 million payment as per the court's directive. To date, SpiceJet has already paid a total of $8 million to Credit Suisse.During the recent court hearing, Singh's legal representative disclosed that they had already remitted Rs 625 million to Maran and were carrying a Rs 375 million check in his name. However, Maran's counsel argued that SpiceJet had ample time since August 24 to fulfil the payment, and the delay was unwarranted.Consequently, the court instructed Singh and the airline to settle the remaining amount either by the end of the day or by September 12, with the case scheduled for the next hearing on October 3.In previous proceedings, senior advocate Maninder Singh, representing Maran and Kal, had asserted that SpiceJet and its CMD were required to submit an affidavit of assets and weekly collection within one week, which they had failed to do in a timely manner and in the court-mandated format.On August 9, the court had issued notice on Kal Airways and Maran's application, requesting 50% of SpiceJet's daily revenue collection to be paid to them on a weekly basis. Singh had argued that the orders issued by the Supreme Court on February 13 and July 7 had not been complied with.Amit Sibal, another senior advocate, contended that the amount owed stood at Rs 2.79 billion, rather than the Rs 3.97 billion argued by advocate Singh. He made an offer to deposit Rs 750 million within 10 days, but this was met with objection, as it was originally due in April but remained unpaid.SpiceJet's spokesperson reiterated the company's commitment to comply with the court's order to pay Rs 1 billion by September 10, 2023. The court has scheduled the next hearing for September 11.Justice Yogesh Khanna, on August 9, had instructed SpiceJet and Singh to provide an affidavit disclosing their assets and revenue collection within one week and mandated Singh's presence at the next hearing. Given SpiceJet and Singh's apparent willful default and lax attitude, the judge advanced the hearing.Singh proposed that, due to the defaults and delays, SpiceJet and Singh should deposit Rs 3.93 billion and file their asset disclosure affidavit before the next hearing. He sought court directions for 50% of the daily revenue collected by SpiceJet to be paid to the decree holders on a weekly basis, prompt asset disclosure, same-day filing of account statements in court, and payment of the entire arbitral award amount to the decree holders.Senior Advocate Sandeep Sethi admitted that SpiceJet had not complied with the orders but argued that the matter was already set for a hearing on September 5, with no reason to expedite it further.In response, the judge noted that the decree holder had no choice but to seek an early hearing, as the judgment debtor was not complying with court orders, including the timely filing of asset disclosure affidavits.On July 24, the high court issued notice to SpiceJet and Singh, urging an urgent hearing of its enforcement petition regarding a case where SpiceJet owed approximately Rs 3.9 billion for interest liability under the arbitral award. Justice Khanna approved the application, directing SpiceJet and Singh to file an affidavit disclosing all their assets before the next hearing on September 5, and mandating Singh's physical presence.

Next Story
Infrastructure Urban

CFI Appoints New National Council for FY27 and FY28

The Construction Federation of India (CFI) has announced its newly elected National Council and office bearers for a two-year term covering FY27 and FY28. M. V. Satish, Advisor to CMD and Lead Ambassador for Middle East, L&T, has been elected President; Priti Patel, Chief Strategy & Growth Officer, Tata Projects, has been appointed Vice President; and Ajit Bhate, Managing Director, Precast India Infrastructures, has taken charge as Treasurer.The newly formed National Council brings together senior leaders from major EPC and infrastructure companies, reflecting CFI’s continued focus o..

Next Story
Real Estate

India REIT Market Gains Momentum with Strong Returns

India’s Real Estate Investment Trust (REIT) market is witnessing strong growth, emerging as a competitive investment avenue both domestically and across Asia. According to a recent ANAROCK report released at EXCELERATE 2026 by NAREDCO Maharashtra NextGen, the sector is evolving into a mature asset class driven by solid fundamentals, regulatory backing and rising investor confidence.The introduction of Small and Medium REITs (SM REITs) in 2025 has further widened access through fractional ownership, unlocking a potential monetisation opportunity of Rs 670–710 billion. Indian REITs have deli..

Next Story
Real Estate

Domicil Debuts In Tricity With Luxe 9 Showcase

Domicil Germany, a luxury home furnishing brand from the House of HTL International, has made its Tricity debut with an exclusive showcase at Luxe 9, marking its first retail presence in the region.The invite-only event brought together architects, interior designers, real estate developers and high-net-worth individuals, reflecting rising demand for globally inspired, design-led living spaces.Centred on the theme ‘Celebrate Living with Timeless German Design’, the showcase highlighted Domicil’s focus on combining craftsmanship, functionality and refined aesthetics. Attendees experienced..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement