The Supreme Court on Tuesday said it would consider a joint request for mediation between low-cost airline SpiceJet and media baron Kalanithi Maran and his KAL Airways.
Kal Airways and Ajay Singh-promoted SpiceJet are locked in a bitter dispute over the failure of SpiceJet to issue certain warrants and non-convertible redeemable cumulative preference shares (CRPS) when Maran sold his 58.46 per cent stake in the airline to Ajay Singh in 2015.
SpiceJet reportedly owes Rs 920 cr to KAL Airways owned by Maran after the latter turned down the Rs 600-crore full and final settlement offer made by the beleaguered air carrier. A bench under Chief Justice N.V.Ramana after briefly hearing senior advocate Vikas Singh for Maran and former attorney-general Mukul Rohatgi for SpiceJet indicated it would refer the matter to the recently set up International Arbitration Centre at Hyderabad as both the parties were willing to go for arbitration.
