Saturday, September, 30,2023

SC says it will consider mediation request to settle dispute between SpiceJet, Kalanithi Maran, Kal Airways

New Delhi : The Supreme Court on Tuesday said it would consider a joint request of low-cost airline SpiceJet and Kalanithi Maran, the former promoter of SpiceJet, and his Kal Airways to settle their dispute on all pending disputes including payment of interest in connection with a share transfer issue.

A bench of Chief Justice NV Ramana and Justices JK Maheshwari and Hima Kohli was informed by senior advocate Mukul Rohatgi, appearing for SpiceJet, that there were three pending issues between SpiceJet and Maran and out of these, one has been settled on July 29. Rohatgi submitted before the apex court that both the parties are attempting for comprehensive settlement which includes three issues that require detailed discussion for the settlement, namely -- the issue of clearance of the loan and release of the security amount ensured, the interest due and the compounding of the ongoing prosecution.

Rohatgi sought four to six weeks' time for settling all the issues between the parties.
Senior advocate Vikas Singh, representing media baron Maran and his Kal Airways, suggested mediation between the parties at the Hyderabad mediation centre which was also supported by SpiceJet through Rohatgi.
The Kal Airways and Maran were assisted by Karanjawala & Co law firm before the top court.
The apex court was hearing the appeal of SpiceJet against the November 2, 2020 order of the High Court asking the low-cost airline to deposit around Rs 243 crore as interest in connection with a share transfer dispute with its former promoter and media baron Kalanithi Maran and his firm Kal Airways.

On November 7, 2020, the top court stayed the High Court order asking SpiceJet to deposit around Rs 243 crore as interest in connection with the share transfer dispute.
SpiceJet and its promoter Ajay Singh were asked to deposit around Rs 243 crore as interest payable on Rs 579 crore, which the High Court had in 2017 asked SpiceJet to deposit under the 2018 arbitration award in the share transfer dispute. (ANI)

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