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October 4, 2023 8:15 am

Delhi HC orders SpiceJet to pay ₹380 crore to Sun Group’s Maran

The Fact News Service
New Delhi, June 1

The Delhi High Court has ordered low-fare airline SpiceJet to pay Rs380 crore to its former promoter, Kalanithi Maran of the Sun Group, and asked it to submit an affidavit of assets within four weeks.

The ruling is a setback to the airline, which surprised with a four-fold increase in earnings to Rs106.8 crore in the December quarter, and comes amid a battle with aircraft lessors over payments.

The High Court ruling on May 29, 2023 originates from a long-running battle between the Maran family and the current promoter, Ajay Singh, and SpiceJet, over contractual obligations. Maran sued SpiceJet in 2017 for allegedly causing losses by failing to issue convertible warrants and preference shares to him and his KAL Airways.

SpiceJet ended up paying Maran a principal amount of Rs.579.08 crore after a protracted court fight, but the interest portion was pending. The interest stood at Rs242 crore in October 2020, accumulated to Rs362 crore by February 2023 and finally touched Rs380 crore.

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