Thursday, July 25, 2024

SpiceJet Offers To Pay ₹600 Crore In Cash In Share Transfer Case With KAL Airways

By Aritra Banerjee

SpiceJet, an Indian airline headquartered in Gurgaon, Haryana issued a statement to the media earlier today.

Here is what the airlines had to say:

“SpiceJet has offered to pay Rs.600 crore in cash in the share transfer case with its former promoter Kalanithi Maran and his firm KAL Airways for a full and final settlement of all disputes. The offer was made during the hearing in the Supreme Court today. Out of the principal amount of Rs. 578 crore awarded in arbitration, SpiceJet has already paid Rs. 308 crore in cash and deposited a bank guarantee of Rs.270 crore.”

“Mukul Rohatgi, Senior Counsel appearing for SpiceJet proposed to pay the bank guarantee equivalent amount of Rs.270 crore in cash and top it up with additional Rs.22 crore aggregating the total payout to Rs.600 crore as full and final settlement of all disputes between the Parties. The Court has advised the other side to consider the proposal of SpiceJet and has listed the matter on 14 Feb 2022,” the SpiceJet spokesperson continued.

“Earlier an arbitration tribunal consisting of three retired judges from the Supreme Court, Arijit Pasayat, Hemant Laxman Gokhale and KSP Radhakrishnan in a unanimous decision had rejected the damages claim of Kalanithi Maran and Kal Airways against SpiceJet,” the airlines concluded in its press statement.


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