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'Will be near insolvency if we've to pay Maran more'
Mint Mumbai
|November 21, 2023
Court says cannot compel Marans to accept the settlement in the form of equity shares
SpiceJet informed the Delhi high court on Monday that the company would be pushed into insolvency if required to pay an additional ₹100 crore to Sun Group chairman Kalanithi Maran and proposed to settle Maran's dues through the issuance of equity in the airline.
The court questioned SpiceJet's claims and said every debtor tends to make similar claims.
The court also noted that it could not compel Maran to accept the settlement in the form of equity shares if he was not willing to do so. The hearing was deferred till 10 December and the airline MD Ajay Singh has been summoned for the next hearing.
The airline made the submission in court during the hearing of a case pertaining to the execution of an arbitral award in 2018 that asked SpiceJet to pay ₹579 crore plus interest to Maran and Kal Airways. The airline has also separately challenged the arbitral award before a division bench of the high court.
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