'Amount Rs 995 crore, Rs 300 crore Offer by SpiceJet Unacceptable'

NEW DELHI: Kalanithi Maran and KAL Airways on Thursday reiterated before the Supreme Court that SpiceJet's offer of Rs 300 crore towards full and final settlement of share transfer dispute was not acceptable, noting that as per the arbitral award, it has to pay Rs 995 crore.

Senior advocate Dushyant Dave, representing KAL Airways, submitted before a bench headed by Chief Justice N.V. Ramana that it is not possible for his clients to consider the offer proposed by SpiceJet.

Dave and senior advocate Maninder Singh were assisted by a team of advocates from Karanjawala & Co.

The bench, also comprising Justices Krishna Murari and Hima Kohli, queried SpiceJet's counsel as to why the company was not paying the money to the decree holder to settle the matter.

Senior advocate Mukul Rohatgi, representing SpiceJet, proposed an offer stating that his client is willing to give Rs 300 crore towards full and final settlement of the dispute and the matter finally gets settled with no further litigation. He added that out of the bank guarantee of Rs 270 crore deposited with the high court, SpiceJet will give Rs 100 crore for now and the order will be passed by the top court to hear Section 34 petitions which are pending before the Delhi High Court expeditiously.

As Rohatgi reiterated that his client is ready to pay Rs 300 crore, Dave replied that the petitioner being such a prominent airline and is doing this, rather they should comply with the award and pay off their dues. (IANS)

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