Supreme Court To Hear SpiceJet Plea Over ₹144.51 Crore Deposit, Decade-Old ₹679 Crore Maran Dispute Resurfaces

New Delhi: The Supreme Court will hear SpiceJet’s plea on Friday against a 19 January order of the Delhi High Court directing it to deposit Rs 144.51 crore. The case is part of a long-running dispute between the airline and its former promoter Kalanithi Maran and KAL Airways Pvt. Ltd.

The latest order has added fresh legal and financial pressure on the airline.

How the dispute started?

The matter goes back to January 2015. At that time, Kalanithi Maran sold his 58 percent stake in SpiceJet to Ajay Singh when the airline was facing serious financial stress.

Before exiting, Maran had infused Rs 679 crore into the company through warrants and preference shares. After the change in management, disagreements arose over these financial instruments.

What triggered arbitration?

Maran claimed that the warrants and preference shares were not properly issued after the ownership transfer. He argued that the Rs 679 crore should be refunded. He also sought damages of about Rs 1,323 crore.

As per the agreement, the dispute went to arbitration.

2018 arbitration award

In 2018, the arbitration tribunal rejected Maran’s Rs 1,323 crore damages claim. However, it directed SpiceJet to refund around Rs 579 crore along with interest.

Both sides challenged parts of the award in court, leading to further litigation.

Court orders and delays

Over the years, the case moved between the Delhi High Court and the Supreme Court. The Supreme Court directed SpiceJet to furnish a Rs 270 crore bank guarantee and also ordered additional payments, including Rs 75 crore as interest.

There were delays in payments, and contempt proceedings were initiated at one stage. Promoter Ajay Singh also appeared personally before the court.

Current position

Recently, the Delhi High Court said Rs 194.51 crore remained payable. Out of this, Rs 50 crore has been paid, leaving Rs 144.51 crore outstanding.

The High Court ordered SpiceJet to deposit this amount. The airline has now approached the Supreme Court seeking relief.

The top court’s decision will decide whether the airline must immediately deposit Rs 144.51 crore. The outcome will affect SpiceJet’s cash flow as it faces liquidity pressure, high fuel prices and currency fluctuations.