NEW DELHI: The Division Bench of Delhi High Court on Thursday refused to stay the Single bench Justice order up-holding the arbitral tribunal’s order directing SpiceJet and its Chairman and Managing Director (CMD) Ajay Singh to refund over ?270 crore to Sun Group promoter Kalanithi Maran and Kal Airways. Meanwhile, the Division bench issued notice on the appeal moved to challenge the single bench order. The bench of Justice Yashwant Varma and Justice Dharmesh Sharma issued notice to the Sun Group promoter Kalanithi Maran and Kal Airways on appeal while refusing to stay on the order passed by Single Judge Bench of Justice Chander Dhari Singh on July 31, 2023. SpiceJet and its Chairman and Managing Director (CMD) Ajay Singh have filed an appeal before the Division bench of Delhi High Court challenging a single judge’s order directing them to refund over Rs 270 crore to Sun Group promoter Kalanithi Maran and Kal Airways.
In the execution matter before Justice Yogesh Khanna Senior Advocate Maninder Singh appearing for Kal Airways and Kala-nithi Maran submitted that the no stay has been granted by the Appellate Court in the appeal filed by Spicejet and Ajay Singh.
Noting the submission, the Court in consultation and with the consent of SpiceJet directed the Company to pay Rs 100 Crore by September 10, 2023. “SpiceJet will honour the Delhi High Court’s order and make the specified payment within the prescribed timeframe. We are committed to presenting our matter diligently and respectfully, seeking a just and fair resolution,” stated the spokesperson in a statement issued the hearing.
A bench presided over by Justice Chandra Dhari Singh on July 31, while pronouncing the judgement in the section 34 petition moved by the parties, affirmed the Arbitral Award dated 20.07.2018 passed by an Arbitral Tribunal comprising three retired Supreme Court Judges in favour of Kal Airways and Kalanithi Maran. The Arbitral Award directed that Decree Holders - Kal Airways and Kalanithi Maran are entitled to a refund of Rs 308 crores towards the Warrants and a refund of the amount of Rs.270 Crores towards Cumulative Redeemable Preference Shares (CRPS). Furthermore, Kal Airways and Kalanithi Maran were also awarded an interest of 12 per cent towards Pendente lite and an interest of 18 per cent from the last date of the due date in terms of the Arbitral Award in case the payments, as directed, to be made by Spicejet and Ajay Singh is not made within two months from the date of award. Spicejet and Ajay Singh had filed section 34 petitions to challenge and set aside the Arbi-tral Award to the extent that the award directed the refund of Rs.270 Crores to Kal Airways and Kalanithi Maran. ANI
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