+
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.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code