HC refuses to stay SpiceJet’s interest liability in arbitral award to former promoter Maran

The division bench of Delhi High Court on Thursday refused to stay its single-judge order upholding an arbitral award asking SpiceJet and its promoter Ajay Singh to refund Rs 579 crore plus interest of 18 per cent to media baron Kalanithi Maran.

While issuing the notice to Maran and his KAL Airways, the court said that it is bound by the SC’s February order that asked the carrier to pay Rs 75 crore within 3 months.