Supreme Court orders SpiceJet to pay Maran in share-transfer dispute
- IBJ Bureau
- Jul 08, 2023
In a jolt to low-cost airline SpiceJet, the Supreme Court on Friday refused to extend the time for making payment to media baron Kalanidhi Maran and his Kal Airways in pursuance of an arbitral award of Rs 578 crore related to a share-transfer dispute, saying these were “'luxury”' litigations.
While refusing to extend the time, the Delhi High Court had on June 1 directed SpiceJet to deposit “forthwith” Rs 75 crore that had to be paid to Mr Maran and his Kal Airways towards interest on the arbitral award.
Prior to this, the top court had ordered that the bank guarantee of Rs 270 crore furnished by SpiceJet to Mr 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.
A bench of Chief Justice D Y Chandrachud and Justice P S Narasimha on Friday did not accept the vehement submissions of senior advocate Mukul Rohatgi, appearing for SpiceJet, and refused to the extend the time, saying the entire award had now become executable.
“The battery of lawyers is involved in all this, and you know, the idea is just to delay complying with the orders of the court. I personally will not approve this... The writ of the court has to be complied with and now, they (the Delhi High Court) will execute the award,'' the CJI said.