SpiceJet gets payment reprieve from Supreme Court
The Supreme Court stayed an order directing SpiceJet Ltd. to deposit Rs 2.4 billion ($32.5 million) with a lower court, a relief for the cash-strapped low-cost carrier.
A three-judge bench headed by Chief Justice Sharad A. Bobde agreed to SpiceJet’s request to put on hold a Delhi High Court order to deposit the money, saying there was no precedent for such a directive to be given. The bench will hear the case again after another four weeks.
SpiceJet and its chairman Ajay Singh are in a legal dispute with the carrier’s former owner, billionaire Kalanithi Maran, who claimed damages over a share transfer in 2014. The company was ordered to pay Maran the Rs 2.4 billion as part of a ruling in July 2018. SpiceJet disputes that figure, which is based on interest Maran claimed he was owed.
