Maran claims SpiceJet owes over ₹400 cr with interest as payment dispute lingers
Mumbai/New Delhi: Sun Group chairman Kalanithi Maran told the Delhi High Court on Thursday that SpiceJet is indebted ₹400 crore including interest for the long-running arbitration dispute; ₹144.5 crore figure cited by the cash-strapped airline.
Senior advocate Jayant Mehta, representing KAL Airways, argued that “interest was not calculated correctly in its books”. ₹400 crore is outstanding.”
The court was hearing SpiceJet’s petition seeking relief against the high court’s earlier order directing the deposit. ₹144.5 crore by April 14.
Senior advocate Mukul Rohatgi, representing SpiceJet, said, “I am under financial stress due to the West Asian war and rising aviation turbine fuel prices. Therefore, I am trying my best to sell the property and pay the dues before the next date.”
After hearing the argument, Justice Subramonium Prasad said that what needs to be followed in 2023 is supported by materials from 2026 and the party is now trying to take advantage of a war that took place in 2026 to support its cause.
In February 2023, the Supreme Court ordered the conversion of Rs 270 million into cash. ₹270 crore bank guarantee and payment order to SpiceJet ₹75 crore interest would be paid within a specified period, warning that non-compliance would make the award fully unenforceable.
On Thursday, SpiceJet stated that it is the country’s third largest airline and argued that the order should be in the public interest.
The Delhi High Court reserved its decision on the review request.
Earlier on Monday, SpiceJet told the Delhi high court that it could “collapse” if it was forced to cash out immediately. ₹144.5 crore in its long-running dispute with Kalanithi Maran and KAL Airways, due to disruptions caused by the West Asia conflict and rising aviation turbine fuel prices.
KAL Airways argued that the review application was made “to let loose the sword” and said the reward should be met by monetary payment and not property.
SpiceJet had filed a review petition on April 7 seeking relief from the high court’s earlier order requiring the deposit. ₹144.5 crore by April 14. The airline also offered to provide one acre commercial property in Gurugram as collateral instead of making immediate cash payment.
Rohatgi stated that there is no mortgage on the property and that its ownership belongs to the company. SpiceJet is ready to submit the title deeds to the court. He said the airline had already taken steps to monetise the asset, but such transactions could take several months and it should not be forced into an immediate sale.
“I was told that the government is preparing a package that will give them a chance to get loans from PSU banks under state security. The government will represent the security of airlines,” he said.
KAL Airways is owned by Kalanithi Maran and the protracted legal battle between SpiceJet and Maran has gone through multiple rounds of litigation in forums. In July 2018, the court rejected Maran’s claim. ₹1,300 crore damage but ordered refund to SpiceJet ₹579 crore along with interest on warrants and preference shares.
SpiceJet claimed it had already paid ₹730 crore to Maran and KAL Airlines, including principal and interest.
In January, the Delhi high court directed SpiceJet and its promoter Ajay Singh to deposit money. ₹After a total of 144.5 crores were recorded ₹As per earlier instructions, 194.51 crore was due. After setting ₹50 crore has already been deposited, the outstanding amount was: ₹144.51 crore.
The dispute dates back to January 2015, when Maran and KAL Airways transferred their 58.46% stake in SpiceJet to Ajay Singh during the airline’s acute financial distress. As part of the transaction, Maran and KAL Airways ₹It generated $679 billion for the airline through convertible warrants and preferred shares.
Maran then claimed that these documents were not issued by the new administration and sought refund, which led to arbitration proceedings before a three-member tribunal of retired Supreme Court judges.
