In a setback to SpiceJet in its legal battle with Chennai-based Sun Group’s Kal Airways and its founder Kalanithi Maran, a former promoter of the airline, the Delhi High Court (HC) on Monday refused to set aside an arbitral award in favour of Maran in 2018. The award directed SpiceJet and its promoter Ajay Singh to refund Rs. 579 crore plus interest to Maran.
The arbitral award stated that former promoter Kal Airways and Maran are entitled to a refund of Rs. 308 crore towards warrants and Rs. 270 crore towards cumulative redeemable preference shares.
