The Delhi High Court on Tuesday said low-cost airline SpiceJet and its promoter Ajay Singh cannot evade compliance with its March 18 filing directives. $144.5 crore as part of the ongoing arbitration dispute with Kalanithi Maran and KAL Airways by filing a review petition.
“You have to comply with the order. …This [review] Justice Subramonium Prasad said after Singh’s counsel informed the court that their client and SpiceJet had filed two review petitions against the March 18 order, one of which has been listed. “The order is not a passport for non-compliance with the order.”
The court considered the request and postponed its consideration until Monday.
On March 18, the court ordered SpiceJet to make the deposit $144.5 crore Within four weeks, the airline’s plea to exchange the amount for immovable property in Gurugram was rejected.
The order was issued in response to the airline’s application seeking to amend the tribunal’s directions issued on January 19, requiring SpiceJet and Singh to deposit funds. $144.5 crores in six weeks. The court noted that the airline had admitted its outstanding liability of $100 million $194.51 crore under prior directions of the Supreme Court, but it has been paid only so far $50 million in two installments.
The dispute dates back to 2015, when Singh acquired SpiceJet from Maran and KAL Airways. In 2015, Maran transferred 58.46% of his stake in the airline to Singh. The deal was supposed to obtain refundable guarantees. Maran was responsible for obtaining guarantees worth Rs 18 lakh crore, which translated into a 26% ownership in SpiceJet. He approached the Supreme Court because he did not get his share of the money nor convertible warrants or preference shares.
In 2018, the court ordered SpiceJet to return the money $270 crore to Maran and Kal Airways and interest of 12% per annum on amounts paid against guarantees and 18% per annum on amounts given to Maran if transfer of funds is delayed.
Maran, KAL Airways Pvt Ltd and SpiceJet challenged aspects of the arbitration award in the Supreme Court. On July 31, 2023, a single judge denied all motions and upheld the arbitration award. The bench overturned the single judge’s ruling and remanded the matter for further consideration.
The Supreme Court dismissed the appeals of KAL Airlines and Maran in July 2024. In May 2025, the bench dismissed the appeals of Maran and KAL Airways against the July 2023 order, citing a “carefully calculated” delay.
