SpiceJet is seeking a refund from a former promoter
AVIATION & AIRPORTS

SpiceJet is seeking a refund from a former promoter

In accordance with the Delhi High Court's ruling on May 17, SpiceJet would request a refund of Rs 4.50 billion from the Rs 7.30 billion it had previously paid to erstwhile founder Kalanithi Maran and his company, KAL Airways. The airline announced that it has paid KAL Airways and Maran a total of Rs 7.30 billion, which consists of Rs 1.50 billion in interest and Rs 5.80 billion in principal.

The conflict between SpiceJet and Maran began in January 2015 when, as a result of the airline's financial difficulties, KAL Airways offered Mr. Singh, the primary stakeholder, chairman, and managing director of SpiceJet, a 58.46% interest in the company for a pitiful price of Rs 2 per share.

On May 17, the Delhi High Court overturned a previous ruling that had upheld the arbitral judgement against SpiceJet, a low-cost carrier, in favour of Kalanithi Maran. This was a relief for the financially beleaguered airline.

SpiceJet is expected to get a refund of Rs 450 crore when the contested verdict is set aside. On a challenge filed by SpiceJet's chairman and managing director (CMD), Ajay Singh, and the airline against a single-judge verdict that in July 2023 confirmed the award, a bench of justices Yashwant Varma and Ravinder Dudeja issued the decision.

In accordance with the Delhi High Court's ruling on May 17, SpiceJet would request a refund of Rs 4.50 billion from the Rs 7.30 billion it had previously paid to erstwhile founder Kalanithi Maran and his company, KAL Airways. The airline announced that it has paid KAL Airways and Maran a total of Rs 7.30 billion, which consists of Rs 1.50 billion in interest and Rs 5.80 billion in principal. The conflict between SpiceJet and Maran began in January 2015 when, as a result of the airline's financial difficulties, KAL Airways offered Mr. Singh, the primary stakeholder, chairman, and managing director of SpiceJet, a 58.46% interest in the company for a pitiful price of Rs 2 per share. On May 17, the Delhi High Court overturned a previous ruling that had upheld the arbitral judgement against SpiceJet, a low-cost carrier, in favour of Kalanithi Maran. This was a relief for the financially beleaguered airline. SpiceJet is expected to get a refund of Rs 450 crore when the contested verdict is set aside. On a challenge filed by SpiceJet's chairman and managing director (CMD), Ajay Singh, and the airline against a single-judge verdict that in July 2023 confirmed the award, a bench of justices Yashwant Varma and Ravinder Dudeja issued the decision.

Next Story
Infrastructure Urban

India To Invest $37 Billion To Boost Petrochemical Capacity

India is set to become a major global player in the petrochemicals industry, driven by a planned capital expenditure of $37 billion (Rs 3.1 trillion) aimed at reducing import dependency and enhancing self-sufficiency, according to S&P Global Ratings.In its latest report titled “First China, Now India: Self-Sufficiency Goals Will Add To Petrochemicals Supply”, S&P said India’s large-scale capacity expansion—mirroring China’s earlier push—will likely intensify oversupply pressures in Asia’s petrochemical markets.Currently the world’s third-largest petrochemical consumer a..

Next Story
Infrastructure Transport

Indian Railways Expands Global Exports Of Rail Equipment

Indian Railways has announced that it is rapidly emerging as a global exporter of railway equipment, including bogies, coaches, locomotives, and propulsion systems, under the government’s ‘Make in India, Make for the World’ initiative.According to an official statement, India’s railway products are now reaching over 16 international markets, reflecting the country’s growing capacity to design, develop, and deliver world-class rail solutions.Metro coaches have been exported to Australia and Canada; bogies to the United Kingdom, Saudi Arabia, France, and Australia; propulsion systems t..

Next Story
Infrastructure Transport

RailTel Awards Rs 163 Million Contract To RTNS Technology

RailTel Corporation of India Limited (RailTel), a Mini Ratna Public Sector Undertaking, has awarded a domestic work order worth Rs 163 million to RTNS Technology Private Limited.The contract, issued on 30 September 2025, involves the supply and installation of equipment and related services for one of RailTel’s key customers. The project underscores RailTel’s commitment to advancing technology and communication infrastructure through collaboration with domestic system integrators.RTNS Technology Private Limited, an ISO-certified system integrator, provides comprehensive solutions for perim..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?