SC Dismisses KAL Airways' Plea Against SpiceJet

New Delhi, Jul 24 (PTI) SpiceJet on Thursday said the Supreme Court has dismissed the appeal filed by KAL Airways and Kalanithi Maran seeking damages of over Rs 1,300 crore and other claims.

"With this order, the appeals of KAL Airways and Kalanithi Maran have been finally dismissed and the remaining issue to be decided by the Court is SpiceJet's appeal challenging the (i) interest levied which has also been substantially deposited by SpiceJet in the Court; and (ii) pre-mature refund of CRPS amount by the Arbitral Tribunal," the airline said in a regulatory filing.

CRPS refers to Cumulative Redeemable Preference Shares.

Maran and KAL Airways are former promoters of SpiceJet.

The filing said the Supreme Court on Wednesday dismissed the appeal filed by KAL Airways and Kalanithi Maran seeking damages of more than Rs 1,300 crore and other claims.


"These assertions were already previously rejected by the Arbitral Tribunal, the Delhi High Court and then the Division Bench of Delhi High Court," it added.

The case dates back to early 2015 when SpiceJet promoter Ajay Singh, who had owned the airline earlier, bought it back from Maran after it was grounded for months due to resource crunch.

As part of the agreement, Maran and KAL Airways claimed to have paid SpiceJet Rs 679 crore for issuing warrants and preference shares.

However, Maran moved court in 2017, alleging SpiceJet had not issued convertible warrants and preference shares nor returned the money. It has been a long-standing share transfer dispute.

Shares of SpiceJet were trading 1.84 per cent down at Rs 39.55 apiece on the BSE.