SpiceJet to Seek Rs 450 Crore Refund from Kalanithi Maran
May 22, 2024 13:17
SpiceJet will seek a refund of Rs 450 crore from Kalanithi Maran and KAL Airways after a Delhi High Court ruling overturned an arbitral award.
Photograph: Amit Dave/Reuters
New Delhi, May 22 (PTI) SpiceJet on Wednesday said it will seek a refund of Rs 450 crore out of the total Rs 730 crore paid to the airline's former promoter Kalanithi Maran and his firm KAL Airways following a Delhi High Court ruling.
A division bench of the court, on May 17, set aside a single judge bench order that had upheld an arbitral award asking SpiceJet and its promoter Ajay Singh to refund Rs 579 crore plus interest to Maran.
The bench allowed the appeals filed by Singh and SpiceJet challenging the single judge's order, passed on July 31, 2023, and remanded the matter back to the court concerned to consider the petitions challenging the arbitral award afresh.
Against this backdrop, the airline in a regulatory filing on Wednesday said it will seek a refund of Rs 450 crore out of the Rs 730 crore it had paid to Maran and KAL Airways.
"SpiceJet has paid a total of Rs 730 crore, comprising Rs 580 crore in principal along with an additional Rs 150 crore towards interest to Maran and KAL Airways. With the setting aside of the impugned order, SpiceJet is set to receive a refund of Rs 450 crore," the airline said.
Shares of SpiceJet rose 2.62 per cent to Rs 62.60 apiece in the afternoon trade on the BSE.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.