New Delhi, KAL Airways and Kalanithi Maran on Monday said they will demand compensation of over Rs 1,323 crore from SpiceJet and its chief Ajay Singh and also challenge the recent order of the Delhi High Court in the ongoing dispute between the two parties. Will give.
On May 17, a division bench of the court set aside the single judge bench order asking SpiceJet and its promoter Ajay Singh to return Rs 579 crore and interest to Maran.
The bench allowed the appeal filed by Singh and SpiceJet challenging the single judge's order passed on July 31, 2023, and sent the matter back to the court concerned for a fresh consideration of the petitions challenging the arbitral award .
In this backdrop, Maran and his company KAL Airways have decided to challenge the decision after consulting their legal advisor.
The decree holders – KAL Airways and Maran – believe that the above decision is deeply flawed and requires further investigation.KAL Airways said in a statement, "Parallel to this, they are also seeking damages of over Rs 1,323 crore assessed by FTI Consulting LLP, United Kingdom, a globally renowned firm that deals with losses arising from breach of contractual commitments. Is adept at assessing. Statement on Monday.
Furthermore, it added that the damages claim was originally presented by KA Airways and Maran before the arbitral tribunal and "has always remained an integral part of their quest for justice".
By pursuing both a challenge to the Delhi High Court decision and a claim for damages, the decree holders hope to secure a fair and equitable resolution of the moot dispute, the statement said.
The dispute, I said, arose out of breach of trust by SpiceJet and "has caused immense hardship to both KAL Airways and Kalanithi Maran for more than a decade."
According to the statement, they will pursue the execution of the arbitration award seeking refund of the pending dues of Rs 353.50 crore.“This action is in full compliance and support of the orders dated February 13, 2023 and July 7, 2023 passed by the Hon'ble Supreme Court directing that the award be executed in favor of the decree holders in its entirety,'' it said.
On May 22, SpiceJet said it would seek refund of Rs 450 crore out of the total Rs 730 crore paid to the airline's former promoter Maran and KAL Airways following the Delhi High Court verdict.
The case dates back to early 2015, when Singh, the first owner of the airline, bought it back from Maran after it was closed for months due to lack of resources.
As part of the agreement, Maran and KAL Airways had claimed to pay Rs 679 crore to SpiceJet for the issue of warrants and preference shares.However, Maran approached the Delhi High Court in 2017 alleging that SpiceJet did not issue convertible warrants and preference shares nor return the money.
On May 17, a division bench of the court set aside the single judge bench order asking SpiceJet and its promoter Ajay Singh to return Rs 579 crore and interest to Maran.
The bench allowed the appeal filed by Singh and SpiceJet challenging the single judge's order passed on July 31, 2023, and sent the matter back to the court concerned for a fresh consideration of the petitions challenging the arbitral award .
In this backdrop, Maran and his company KAL Airways have decided to challenge the decision after consulting their legal advisor.
The decree holders – KAL Airways and Maran – believe that the above decision is deeply flawed and requires further investigation.KAL Airways said in a statement, "Parallel to this, they are also seeking damages of over Rs 1,323 crore assessed by FTI Consulting LLP, United Kingdom, a globally renowned firm that deals with losses arising from breach of contractual commitments. Is adept at assessing. Statement on Monday.
Furthermore, it added that the damages claim was originally presented by KA Airways and Maran before the arbitral tribunal and "has always remained an integral part of their quest for justice".
By pursuing both a challenge to the Delhi High Court decision and a claim for damages, the decree holders hope to secure a fair and equitable resolution of the moot dispute, the statement said.
The dispute, I said, arose out of breach of trust by SpiceJet and "has caused immense hardship to both KAL Airways and Kalanithi Maran for more than a decade."
According to the statement, they will pursue the execution of the arbitration award seeking refund of the pending dues of Rs 353.50 crore.“This action is in full compliance and support of the orders dated February 13, 2023 and July 7, 2023 passed by the Hon'ble Supreme Court directing that the award be executed in favor of the decree holders in its entirety,'' it said.
On May 22, SpiceJet said it would seek refund of Rs 450 crore out of the total Rs 730 crore paid to the airline's former promoter Maran and KAL Airways following the Delhi High Court verdict.
The case dates back to early 2015, when Singh, the first owner of the airline, bought it back from Maran after it was closed for months due to lack of resources.
As part of the agreement, Maran and KAL Airways had claimed to pay Rs 679 crore to SpiceJet for the issue of warrants and preference shares.However, Maran approached the Delhi High Court in 2017 alleging that SpiceJet did not issue convertible warrants and preference shares nor return the money.
