The court set aside a single judge bench order that had upheld an arbitral award asking SpiceJet and its promoter to refund ₹579 crore plus interest to Maran.
SpiceJet (iStock)
SpiceJet on Wednesday, 22 May, said it will seek a refund of ₹450 crore out of the total ₹730 crore paid to the airline’s former promoter Kalanithi Maran and his firm KAL Airways following a Delhi High Court ruling.
A division bench of the court, on 17 May, set aside a single judge bench order that had upheld an arbitral award asking SpiceJet and its promoter Ajay Singh to refund ₹579 crore plus interest to Maran.
The bench allowed the appeals filed by Singh and SpiceJet challenging the single judge’s order, passed on 31 July, 2023, and remanded the matter back to the court concerned to consider the petitions challenging the arbitral award afresh.
Against this backdrop, the airline in a regulatory filing on Wednesday said it will seek a refund of ₹450 crore out of the ₹730 crore it had paid to Maran and KAL Airways.
“SpiceJet has paid a total of ₹730 crore, comprising ₹580 crore in principal along with an additional ₹150 crore towards interest to Maran and KAL Airways. With the setting aside of the impugned order, SpiceJet is set to receive a refund of ₹450 crore,” the airline said.
Shares of SpiceJet rose 2.62 percent to ₹62.60 apiece in the afternoon trade on the BSE.
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