SpiceJet and its promoter Ajay Singh tell the Delhi High Court they will deposit ₹50 crore within 45 days in connection with the legal dispute involving KAL Airways and Kalanithi Maran. The court has previously directed SpiceJet and Singh to make a much larger deposit. According to multiple reports, the latest undertaking follows an earlier May 4 decision in which the bench dismisses pleas seeking a review of a January 19 order that required deposit of over ₹144 crore within six weeks. The Supreme Court, on May 19, asks the airline to approach the high court for an extension of time.
In Monday’s hearing, Justice Subramonium Prasad records the undertaking and hears that the ₹50 crore will be paid as the first instalment with the court registry. The sources also report that the remaining amount will be deposited later, including within a further 90-day period. The court defers the matter for further hearing later in the year. The underlying dispute stems from an arbitration award related to Maran’s claims connected to warrants after ownership changes in 2015, involving SpiceJet’s controlling shareholder Singh.
