Delhi HC asked Spice Jet to deposit Rs 243 crore, SC put a stay

On 6th Nov., 2020, in a relief to SpiceJet, a 3-Judge Bench of the Supreme Court, headed by CJI Sharad Arvind Bobde, & comprising Justices A S Bopanna & V Ramasubramanian, in its interim order, stayed a Delhi HC order to deposit Rs 243 crore with respect to the share transfer dispute with its former promoter Kalanithi Maran.

Spice Jet had appealed before the Supreme Court against the order of the High Court of Delhi, which had asked the airline to deposit an additional Rs 243 crore.

The matter is related to interest in connection with a share transfer dispute of Spice Jet with former promoter Kalanithi Maran and his company KAL Airways.

The interest amount was payable on Rs 579 crore that the HC had earlier asked SpiceJet to deposit pursuant to the 2018 arbitration award in the dispute.

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