Delhi High Court Rejects Kalanithi Maran’s Plea for Damages Against SpiceJet
On July 31, the Delhi High Court delivered its verdict in the ongoing legal battle between Kalanithi Maran and SpiceJet. The court rejected Maran’s plea seeking damages amounting to ₹1,323 crore from the budget carrier, according to The Economic Times.
However, the court also dismissed SpiceJet and current promoter Ajay Singh’s challenge to the arbitration award. The arbitration award directed Singh to refund ₹579 crore, along with interest, to Maran.
The issue at hand revolves around the non-issuance of convertible warrants and preference shares to Maran and Kal Airways, the former owners of the airline. The dispute dates back to January 2015 when Ajay Singh repurchased the airline from Maran, who had faced months of grounding. Maran claimed damages for the alleged failure to issue the financial instruments, amounting to ₹1,323 crore.
Earlier in July, the Supreme Court intervened in the matter and directed SpiceJet to pay the entire arbitral amount of ₹380 crore to Maran. The apex court emphasized the importance of conducting business with “commercial morality”.
In response to the recent developments, Kal Airways clarified that there was no amicable settlement with SpiceJet. The company stated that there is “no question of an amicable settlement” in light of the Supreme Court’s order.
This ruling by the Delhi High Court brings an end to the legal battle between Kalanithi Maran and SpiceJet. While Maran’s plea for damages has been rejected, SpiceJet is still required to refund a significant amount to Maran based on the arbitration award.
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Topics: Delhi High Court, Kalanithi Maran, SpiceJet, legal battle, damages, arbitration award, convertible warrants, preference shares, Ajay Singh, Supreme Court, Kal Airways, amicable settlement.
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