Mumbai: Kalanithi Maran, former promoter of SpiceJet, on Monday rejected the ₹ 600 crore one-time settlement offer made by the airline to end a long-standing share-transfer dispute between the two.
This comes after the Supreme Court on Thursday had asked Maran-led Kal Airways, the former promoter of no-frills carrier SpiceJet Ltd, to settle its dispute with the airline.
While rejecting the offer, the counsel for Kalanithi Maran argued that the dues on their side were nearly ₹900 crores, much higher than the settlement offer of SpiceJet.
Chief justice N.V. Ramana will now hear the matter on merits on 2 March.
The (settlement) offer worth ₹ 600 crore was made during the hearing in the Supreme Court on Thursday. "Out of the principal amount of ₹578 crore awarded in arbitration, SpiceJet has already paid ₹308 crore in cash and deposited a bank guarantee of ₹270 crore," SpiceJet said.
After hearing both the parties, the top court had asked Maran to consider the ₹ 600 crore offer made by SpiceJet.
In February 2015, Maran had transferred his shareholding in SpiceJet to Ajay Singh, the current chairman and managing director of the airline.
This was after the airline nearly went belly-up during 2014-15 due to a severe cash crunch. Singh, who paid ₹2 to take over the airline, also took over SpiceJet’s liabilities of ₹1,500 crore.
As part of the agreement, Maran and Kal Airways also made payments of ₹679 crore to SpiceJet, under Singh, for issuing warrants and preference shares.
However, Maran approached the Delhi high court in 2017, alleging the convertible warrants and preference shares were not issued, and nor was the money returned by the airline and Singh.
Maran and Kal Airways later approached the Supreme Court, urging it to lift the stay on a Delhi high court order asking SpiceJet to deposit ₹243 crore as interest on ₹579 crore to be payable to Maran in the dispute.
The Supreme Court stayed the Delhi high court order in November 2020.
Maran and Kal Airways had approached the Supreme Court, urging it to lift the stay on a Delhi high court order asking SpiceJet to deposit ₹243 crore as interest on ₹579 crore to be payable to Maran in the dispute.
The Supreme Court stayed the Delhi high court order in November 2020.
