Delhi HC summons SpiceJet MD Ajay Singh again to ascertain Maran arbitration payment plan

21 Nov 2023 , 10:15 AM

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The summons against Singh was issued for the second time in three months, the first being in August. In its new application, the low-cost airline requested that the HC refrain from taking any further measures toward award execution until the exact rate of interest was determined.

While requesting that the court identify the correct outstanding sums owed to Maran, Spicejet also requested permission to discharge such outstanding amounts by issuing new equity shares of equal value in SpiceJet to Maran.

Maran, on the other hand, declined the offer. Maninder Singh, Maran’s senior attorney, contended that the airline owed Rs 440 crore in interest due to an arbitral ruling. He stated that the airline paid Rs 100 crore in September and that no additional payments had been made.

SpiceJet’s senior lawyer, Amit Sibal, contested the amount owing to Maran, claiming that just Rs 194 crore is owed instead of the Rs 440 crore claimed by Maran.

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