Mitali Palnitkar
Published On: February 14, 2022 at 17:17 IST
On February 14, the former promoter of SpiceJet, Kalnathi Maran and his firm KAL Airways informed the Supreme Court that they refused to accept the Offer put forth by SpiceJet for full settlement of the share transfer dispute.
The Bench comprising Chief Justice of India NV Ramana, Justice AS Bopanna and Justice Hima Kohli had asked KAL Airways to consider SpiceJet’s Offer.
SpiceJet had proposed to give Rs 300 crores if there was a final settlement of the dispute and no further litigation. If it was not acceptable, then it made another proposal of giving 100 crore out of the Bank guarantee of 270 crores deposited by SpiceJet with the High Court and the Court may direct the Delhi High Court to hear the Section 34 Petitions pending before it.
During the Hearing, Senior Advocate Maninder Singh, who appeared for KAL Airways informed that the Offer made by the airline was not acceptable as the total amount owed by it is more than 920 crores.
Senior Advocate Mukul Rohatgi, who appeared for SpiceJet had state that the Court may either hear the Case in two weeks or direct the High Court to hear Section 34 Petition expeditiously. Therefore, the Bench will be hearing the Case on March 2, 2022.
The Bench was hearing an Application filed by KAL Airways, which sought vacation of Stay put by the Supreme Court on Delhi High Court Order directing SpiceJet to deposit Rs 243 crore. It was filed in the Special Leave Petition of SpiceJet challenging Delhi High Court Orders passed in 2020 with respect to the share transfer dispute.
The High Court had directed SpiceJet and its promoter Ajay Singh to deposit Rs 243 crore as interest on principal amount of Rs 579 crore. The airline was directed to deposit the amount with the Court Registry in the Arbitration Case.
The Airline was directed to pay within six weeks. If it failed to pay the amount within the given time period, Maran was granted liberty to approach the Court and seek Status Quo on SpiceJet’s shareholding.