Supreme Court Upholds Ruling Against Kal Airways & Kalanithi Maran in SpiceJet Dispute
The Supreme Court rejected the appeals of Kal Airways and Kalanithi Maran seeking damages of Rs. 1323 crores from SpiceJet. The dispute dates back to 2015 when Maran sold his stake in SpiceJet to its co-founder. The Court agreed with the Delhi High Court's decision, citing delay and suppression of facts.
The Supreme Court has upheld the Delhi High Court's order rejecting Kal Airways and Kalanithi Maran's plea to seek damages of Rs. 1323 crores from Spicejet. The bench comprising Justice PS Narasimha and Justice AS Chandurkar dismissed the special leave petition challenging the Delhi High Court's order dated May 23 due to delay. The dispute dates back to 2015 when Maran and Kal Airways sold their stake in SpiceJet to Ajay Singh for a nominal amount. A subsequent lawsuit for breach of agreement led to arbitration, where Kal Airways' claim was rejected, and a refund of Rs. 579.08 crores was ordered. The Delhi High Court upheld this award, requiring SpiceJet to refund Rs. 270 crores plus interest. Appeals by Kal Airways and Maran were dismissed by the Supreme Court on July 26, 2024, based on the delay and suppression of facts.
According to the source: Live Law.
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