The Delhi High Court on Monday told low-cost carrier SpiceJet Ltd to pay Rs 50 crore to former promoter Kalanithi Maran and KAL Airways within six weeks, as part of an arbitral award of 2018.
The court said the payment shall be made subject to the outcome of SpiceJet’s appeal challenging the interest amount awarded by the arbitral tribunal. The matter will now be heard on May 14.
A single judge of the court on July 31 last year refused to interfere with the 2018 arbitral tribunal award that asked SpiceJet to refund Rs 579 crore with interest accrued to Maran in the share transfer dispute.
