The Delhi High Court, on Monday, directed low-fare airline SpiceJet to pay Rs 380 crore to its former promoter Kalanithi Maran of the Sun Group.
According to a LiveMint report, SpiceJet has also been directed to submit an affidavit of assets within four weeks. The high court's ruling comes as a setback to the airline as it comes amid a battle with aircraft lessors on payments.
SpiceJet witnessed a four-fold increase in its earnings to Rs 106.8 crore in the quarter that ended in December. The court's ruling which came out on Monday stemmed 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, the report said.
The low-fare airline ended up paying a principal amount of Rs 579.08 crore to Maran after a protracted court fight, but the interest portion was pending. The interest stood at Rs 242 crore in October 2020, which accumulated to Rs 362 crore by February 2023, and finally touched Rs 380 crore.
“We are confident of resolving the same mutually as we have already paid the entire principal amount earlier awarded by an arbitral tribunal,", the report said, citing a SpiceJet spokesman, who also added that the airline is already in discussions with Maran and KAL Airways for a comprehensive settlement.