Even as the dispute between the co-promoters of IndiGo — Rahul Bhatia and Rakesh Gangwal — continues before the Securities and Exchange Board of India (Sebi) and the ministry of corporate affairs (MCA), the matter has also moved for arbitration at the London Court of International Arbitration.
Bhatia has invoked arbitration seeking “damages” from partner Gangwal for non-compliance of shareholders agreement (SHA) and articles of association (AoA). In a regulatory filing, InterGlobe Aviation, which runs IndiGo Airlines, said Bhatia and his InterGlobe Enterprises (IGE) have submitted a request for arbitration to the London Court of International Arbitration (LCIA) on October 1.
