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Delhi HC upholds ₹579 cr arbitration award for Marans
Mint Mumbai
|August 01, 2023
The Delhi High Court on Monday upheld the 2018 arbitration decision of a three-member arbitration panel, ordering SpiceJet and its owner, Ajay Singh, to reimburse ₹579 crore along with accrued interest to the airline’s former promoter Kalanithi Maran
The Delhi High Court on Monday upheld the 2018 arbitration decision of a three-member arbitration panel, ordering SpiceJet and its owner, Ajay Singh, to reimburse ₹579 crore along with accrued interest to the airline’s former promoter Kalanithi Maran.
The bench presided over by Justice Chandra Dhari Singh also rejected the airline’s plea for interest waiver on the arbitral award, besides dismissing Singh’s challenge against the award in favour of the Marans.
The dispute pertains to the transfer of Maran and KAL Airways’ entire 58.46% stake in the airline to Singh in February 2015. In 2018, an arbitral tribunal also ruled in favour of Maran, awarding ₹579 crore plus interest.
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