2 days ago
SpiceJet Seeks More Time for ₹50 Crore Maran Payment
SpiceJet is an airline involved in a long-running money dispute with Kalanithi Maran and KAL Airways.
A court had asked SpiceJet and Ajay Singh to deposit about ₹144.5 crore.
The first payment of ₹50 crore was due on August 27.
SpiceJet asked for four more weeks to make that payment.
The airline said it used emergency government money to keep flying and pay important bills.
It is waiting for another government-supported loan payment.
The Delhi High Court did not make a final decision immediately.
It will look at the issue on September 21.
The disagreement started after Maran transferred his SpiceJet shares to Singh in 2015 and later said promised securities were not issued.
SpiceJet and promoter Ajay Singh asked the Delhi High Court for more time to deposit ₹50 crore in the dispute with Kalanithi Maran and KAL Airways.
The airline said its first emergency-credit tranche, received in June, was used for fuel, airport charges, engine leases, salaries and other operations.
SpiceJet said a second government tranche had not arrived and sought a four-week extension after the ₹50 crore instalment became due on August 27.
The High Court passed no interim order and listed the issue for September 21, when it will consider SpiceJet’s bona fides and compliance.
The dispute began after Maran and KAL Airways transferred their 58.46% SpiceJet stake to Ajay Singh in 2015 and later alleged that promised securities were not issued.
- Who
- SpiceJet, Ajay Singh, Kalanithi Maran and KAL Airways are involved; the Delhi High Court is considering the payment issue.
- What
- SpiceJet sought an extension to deposit the first ₹50 crore instalment toward a court-recorded obligation of about ₹144.5 crore.
- Where
- The proceedings are before the Delhi High Court in New Delhi.
- When
- The instalment was due on August 27, 2026; the High Court listed the matter for September 21, 2026.
- Why
- SpiceJet said its first emergency-credit tranche was used for operations and that a second tranche had not yet been released.
SpiceJet and Ajay Singh’s Position
Maran and KAL Airways’ Position
Reason for delayed payment
SpiceJet and Ajay Singh’s Position
SpiceJet said emergency-credit funds were used for essential operations and that it could pay the ₹50 crore if the expected second tranche were released.
Maran and KAL Airways’ Position
Maran and KAL Airways are pursuing the court-recorded deposit arising from the liability and arbitral dispute.
Request for court protection
SpiceJet and Ajay Singh’s Position
SpiceJet asked the court not to pass an adverse or interim order before September 21 and sought extensions for both instalments.
Maran and KAL Airways’ Position
The court did not grant the requested relief at that stage and left KAL Airways and Maran free to take steps in accordance with law.
Underlying legal dispute
SpiceJet and Ajay Singh’s Position
SpiceJet and Singh are challenging the arbitral award and have cited findings that allegedly support their challenge, including questions about interest and contract-law interpretation.
Maran and KAL Airways’ Position
Maran alleges that securities promised after his investment and the 2015 ownership transfer were not issued, leading to the arbitration proceedings.
Key facts
- First instalment
- ₹50 crore, due within 45 days and payable by August 27, 2026.
- Remaining instalment
- About ₹94.5 crore to ₹94.51 crore, due within 90 days under the recorded schedule.
- Total deposit sought by court
- About ₹144 crore to ₹144.51 crore, against an admitted liability reported as ₹194 crore to ₹194.51 crore.
- Emergency credit
- SpiceJet said it received ₹151 crore as a first ECLGS 5.0 tranche; another report described the expected second tranche as about ₹349 crore.
- Requested extension
- SpiceJet sought four additional weeks for the first payment and a corresponding extension for the remaining amount.
- Next hearing
- September 21, 2026, when the court is scheduled to consider SpiceJet’s bona fides and compliance.
- Origin of dispute
- Maran and KAL Airways transferred 35.04 crore SpiceJet shares, representing 58.46%, to Ajay Singh in February 2015 for ₹2.
- Arbitral award
- A July 2018 tribunal direction required SpiceJet to refund ₹579 crore plus interest; later court proceedings and challenges remain ongoing.
Quotes
Mukul Rohatgi
Senior advocate representing SpiceJet
“I could have paid Rs 50 crore as per the undertaking given to the court but the second tranche has not materialised as yet.”
thehindubusinessline.com
telegraphindia.com
freepressjournal.in
“I still expect my tranche from the Government of India.”
livemint.com
Sources
SpiceJet seeks more time from Delhi HC to pay ₹50 crore in dispute with Kal Airways
SpiceJet Seeks Extension of Time to Deposit Rs 50 Crore in Kal Airways Dispute; Delhi HC Declines to Interfere at This Stage
SpiceJet seeks more time from Delhi High Court to pay Rs 50 crore in dispute with Kal Airways
SpiceJet Seeks Delhi HC Extension To Pay ₹50 Crore In Kal Airways Dispute
SpiceJet seeks more time to pay ₹50 crore to Maran
Related news
SpiceJet Seeks More Time to Deposit ₹50 Crore
NCLT Fines SpiceJet, Aviator ML Over Late Settlement Disclosure
SpiceJet Bankruptcy Petitions Sent Back To New NCLT Bench
SpiceJet Acknowledges Salary Delays Amid Challenging Aviation Industry Conditions
SpiceJet's Latest Reprieve Demands a Credible Recovery Plan
Allu Arjun Calls Pushpa 2 Woman Role His Most Alpha
SpiceJet Ends Boeing 737 MAX Operations Amid Financial Crisis
Jailer 2 Song Promo Draws Flak Over Malayalam Pronunciation
