Deposit ₹243 cr in Maran case: HC to SpiceJet
4 years, 3 months ago

Deposit ₹243 cr in Maran case: HC to SpiceJet

Live Mint  

The Delhi high court on Monday directed SpiceJet Ltd to deposit ₹243 crore with the court registry in the ongoing arbitration case with its former owner Kalanithi Maran and his company, KAL Airways. The court directed the Ajay Singh-led low-fare airline to make the payment within six weeks, adding that if it fails to do so, Maran can approach the court to seek status quo on SpiceJet’s shareholding. Maran had dragged SpiceJet to the Delhi high court in February 2015, demanding that 180 million warrants redeemable as equity shares be transferred to them. In July 2017, Justice Manmohan Singh of the Delhi high court directed SpiceJet to deposit ₹579 crore in five equal monthly instalments with the court registry.

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History of this topic

SpiceJet Raises Rs 3,000 Crore From Institutional Investors
3 months ago

SpiceJet Raises Rs 3,000 Crore From Institutional Investors

News 18  

SpiceJet has raised Rs 3,000 crore through sale of shares to qualified institutional buyers, providing a much-needed tailwind for the struggling airline. Foreign entities, including Societe Generale – ODI, Goldman Sachs Pte – ODI, Nomura Singapore Ltd ODI and Discovery Global Opportunity Ltd are among the investors who have been allotted shares under the airline’s Qualified Institutional Placement that was …

Court upholds SpiceJet engine grounding order
3 months, 1 week ago

Court upholds SpiceJet engine grounding order

Hindustan Times  

New Delhi A division bench of the Delhi high court on Wednesday upheld an order passed last month by a single judge, directing embattled budget airline SpiceJet to ground three engines and returning them to lessors Team France 01 SAS and Sunbird France 02 SAS. In the position in which SpiceJet is at this juncture, Team France and Sunbird France …

SpiceJet's Ajay Singh May Sell Over 10% Stake in Airline to Raise Funds
3 months, 2 weeks ago

SpiceJet's Ajay Singh May Sell Over 10% Stake in Airline to Raise Funds

News 18  

SpiceJet promoter and chairman Ajay Singh may offload more than 10 per cent stake in the struggling carrier as part of the latest funding round that is expected to close by the end of September, according to sources. One of the sources said that Singh could offload up to a 15 per cent stake in the airline if certain conditions …

SpiceJet chairman Ajay Singh may sell over 10% stake in airline to raise funds
3 months, 2 weeks ago

SpiceJet chairman Ajay Singh may sell over 10% stake in airline to raise funds

The Hindu  

SpiceJet promoter and chairman Ajay Singh may offload more than 10% stake in the struggling carrier as part of the latest funding round that is expected to close by the end of September, according to sources. One of the sources said that Mr. Singh could offload up to a 15% stake in the airline if certain conditions are conducive. Mr. …

You can’t use property without paying rent: Delhi HC rebukes SpiceJet, Ajay Singh
4 months ago

You can’t use property without paying rent: Delhi HC rebukes SpiceJet, Ajay Singh

Live Mint  

The Delhi High Court on Friday issued a stern rebuke to SpiceJet, criticizing the cash-strapped airline for continuing to operate leased engines without paying rental dues. The court’s pointed remarks highlighted the airline's precarious financial situation and its inability to honour commitments, casting doubt on the assurances made by SpiceJet's chairman and managing director, Ajay Singh. SpiceJet's legal disputes and …

SpiceJet to raise up to ₹3,000 crore via QIP
5 months ago

SpiceJet to raise up to ₹3,000 crore via QIP

Live Mint  

In a relief for low-cost carrier SpiceJet, the board of the budget carrier on Tuesday approved raising up to ₹3,000 crore through a qualified institutional placement. The company informed the stock exchanges that its board has considered and approved raising funds aggregating up to ₹3000 crore through the issue of shares or any other eligible securities to qualified institutional buyers. …

SpiceJet says claims of KAL Airways, Kalanithi Maran on damages are 'legally untenable'
6 months, 3 weeks ago

SpiceJet says claims of KAL Airways, Kalanithi Maran on damages are 'legally untenable'

The Hindu  

In an escalation of the ongoing dispute, SpiceJet on May 28 said the claims made by KAL Airways and Kalanithi Maran for more than ₹1,323 crore in damages are baseless and legally untenable. On May 27, KAL Airways and Kalanithi Maran said they will seek more than ₹1,323 core in damages from SpiceJet and its chief Ajay Singh as well …

KAL Airways, Kalanithi Maran to seek ₹1,323 crore in damages from SpiceJet, Ajay Singh
6 months, 3 weeks ago

KAL Airways, Kalanithi Maran to seek ₹1,323 crore in damages from SpiceJet, Ajay Singh

The Hindu  

KAL Airways and Kalanithi Maran on Monday said they will seek more than ₹1,323 crore in damages from SpiceJet and its chief Ajay Singh as well as challenge the recent Delhi High Court order in the ongoing dispute between the two sides. On May 17, a division Bench of the court set aside a single judge Bench order that had …

SpiceJet says reached settlement on ₹413-crore dispute with Echelon Ireland Madison One
9 months, 2 weeks ago

SpiceJet says reached settlement on ₹413-crore dispute with Echelon Ireland Madison One

The Hindu  

SpiceJet on March 7 said it has settled a dispute involving ₹413 crore with aircraft leasing firm Echelon Ireland Madison One Ltd, making it the third dispute settlement to be announced by the crisis-hit carrier in less than two weeks. As part of the settlement of the ₹413-crore dispute, SpiceJet will acquire two airframes. The airline, which is facing multiple …

SpiceJet share price jumps 4% after this declaration before Delhi High Court
9 months, 2 weeks ago

SpiceJet share price jumps 4% after this declaration before Delhi High Court

Live Mint  

Stock market today: SpiceJet share price today witnessed buying interest as the aviation company has declared to have settled ₹93 crore dispute with the aircraft leasing company Cross Ocean Partners. The joint declaration was made by both parties before the Delhi High Court in the ongoing execution petition being pursued by Cross Ocean Partners. SpiceJet share price today opened upside …

SC orders SpiceJet to clear dues to Credit Suisse
10 months ago

SC orders SpiceJet to clear dues to Credit Suisse

New Indian Express  

NEW DELHI: The Supreme Court on Monday took notice of SpiceJet chairman and managing director Ajay Singh’s bid for grounded carrier - Go First - and said that while the businessman is not clearing the dues of Credit Suisse he has enough resources to acquire an airline. The apex court came down heavily on Singh for not clearing its dues …

HC tells SpiceJet's Ajay Singh to pay Rs 100 crore to Maran by Tuesday
1 year, 3 months ago

HC tells SpiceJet's Ajay Singh to pay Rs 100 crore to Maran by Tuesday

Business Standard  

The Delhi High Court on Monday granted a momentary respite to SpiceJet’s Chairman and Managing Director Ajay Singh. It gave him time till Tuesday to pay Rs 100 crore out of the over Rs 380 crore arbitral award dues to Chairman and Founder of the Sun group Kalanithi Maran. The Delhi High Court, on August 24, told Singh to pay …

Indian airline SpiceJet tells court it is 'struggling to stay afloat'
1 year, 4 months ago

Indian airline SpiceJet tells court it is 'struggling to stay afloat'

The Hindu  

Indian budget airline SpiceJet told a court on Thursday it was "struggling to stay afloat", as it was ordered to make a payment to its former owner over money owed. In 2018 SpiceJet lost an arbitration case arising out of share transfers from former owner Kalanithi Maran to the company's new management in 2015, making the airline liable to pay …

SpiceJet tells Delhi High Court it is 'struggling to stay afloat'
1 year, 4 months ago

SpiceJet tells Delhi High Court it is 'struggling to stay afloat'

Hindustan Times  

Indian budget airline SpiceJet told a court on Thursday it was “struggling to stay afloat”, as it was ordered to make a payment to its former owner over money owed. In 2018 SpiceJet lost an arbitration case arising out of share transfers from former owner Kalanithi Maran to the company's new management in 2015, making the airline liable to pay …

Delhi High Court Rejects SpiceJet’s Plea To Stay Single Judge Order Upholding Arbitral Award In Favour Of Ex-Promoter Kalanithi Maran
1 year, 4 months ago

Delhi High Court Rejects SpiceJet’s Plea To Stay Single Judge Order Upholding Arbitral Award In Favour Of Ex-Promoter Kalanithi Maran

Live Law  

The Delhi High Court on Thursday refused to stay a single judge order upholding an arbitral award asking SpiceJet and its promoter Ajay Singh to refund of Rs. A division bench comprising of Justice Yashwant Varma and Justice Dharmesh Sharma dismissed the plea moved by SpiceJet seeking stay of the single judge order passed on July 31. About the Dispute …

Pay Rs 100 crore to Kalanithi Maran by September 10: HC to Ajay Singh
1 year, 4 months ago

Pay Rs 100 crore to Kalanithi Maran by September 10: HC to Ajay Singh

Business Standard  

Chairman and Managing Director Ajay Singh has challenged the single judge order of the Delhi High Court that upheld the arbitral award in favour of Sun Group Chairman Kalanithi Maran and Kal Airways. On May 29, the high court ordered SpiceJet to pay approximately Rs 380 crore to its former promoter Maran and asked the airline to submit an affidavit …

Arbitration Cases Weekly Round-Up: 31 July To 06 August 2023
1 year, 4 months ago

Arbitration Cases Weekly Round-Up: 31 July To 06 August 2023

Live Law  

Calcutta High Court: Without Pre-Deposit U/S 19 MSMED Act, Application U/S 34 Arbitration Act Remains 'Stillborn’ For Purpose Of Stay: Calcutta High Court Case Title: The Board of Major Port Authority for the Shyama Prasad Mookerjee Port, Kolkata. vs Marine Craft Engineers Private Limited The Calcutta High Court recently dismissed an application filed by the Board of Major Port Authority …

Arbitration Cases Monthly Round-Up: June 2023
1 year, 5 months ago

Arbitration Cases Monthly Round-Up: June 2023

Live Law  

High Courts Allahabad High Court: Facilitation Council Which Was The Conciliator Under MSMED Act, Can Arbitrate The Dispute; Bar Contained In S. 80 Of Arbitration Act Not Applicable: Allahabad High Court Case Title: Bata India Limited & Anr. Third Party Funders In Arbitration Play A Vital Role In Ensuring Access To Justice; Arbitral Award Cannot Be Enforced Against Them: Delhi …

Arbitration Cases Weekly Round-Up: 28 May To 3 June 2023
1 year, 6 months ago

Arbitration Cases Weekly Round-Up: 28 May To 3 June 2023

Live Law  

Delhi High Court: SpiceJet Should Pay Entire Arbitral Award Of Rs 380 Crore To Its Former Promotor Kalanithi Maran: Delhi High Court Case Title: Kal Airways Pvt. Third Party Funders In Arbitration Play A Vital Role In Ensuring Access To Justice; Arbitral Award Cannot Be Enforced Against Them: Delhi High Court Case Title: Tomorrow Sales Agency Ltd. vs SBS Holdings, …

Spicejet Should Pay Entire Arbitral Award Of Rs 380 Crore To Its Former Promotor Kalanithi Maran: Delhi High Court
1 year, 6 months ago

Spicejet Should Pay Entire Arbitral Award Of Rs 380 Crore To Its Former Promotor Kalanithi Maran: Delhi High Court

Live Law  

The Delhi High Court has directed SpiceJet to pay the entire arbitral award of Rs. The Apex Court in the said order had directed SpiceJet to pay an amount of Rs.75 crore to Maran within a period of three months, towards its interest liability, pending the disposal of the petition under Section 34 of the Arbitration and Conciliation Act, 1996. …

Delhi High Court orders SpiceJet to pay ₹380 crore to Sun Group’s Maran
1 year, 6 months ago

Delhi High Court orders SpiceJet to pay ₹380 crore to Sun Group’s Maran

Hindustan Times  

The Delhi High Court has ordered low-fare airline SpiceJet to pay ₹380 crore to its former promoter, Kalanithi Maran of the Sun Group, and asked it to submit an affidavit of assets within four weeks. The High Court ruling on May 29, 2023 originates from a long-running battle between the Maran family and the current promoter, Ajay Singh, and SpiceJet, …

Delhi High Court orders SpiceJet to pay ₹380 crore to Sun Group’s Maran
1 year, 6 months ago

Delhi High Court orders SpiceJet to pay ₹380 crore to Sun Group’s Maran

Live Mint  

The Delhi High Court has ordered low-fare airline SpiceJet to pay ₹380 crore to its former promoter, Kalanithi Maran of the Sun Group, and asked it to submit an affidavit of assets within four weeks. The High Court ruling on May 29, 2023 originates from a long-running battle between the Maran family and the current promoter, Ajay Singh, and SpiceJet, …

SpiceJet: Flying on a wing and a prayer
2 years, 5 months ago

SpiceJet: Flying on a wing and a prayer

The Hindu  

Published : Jul 20, 2022 17:26 IST Update, July 27:The DGCA has ordered SpiceJet to operate just 50 per cent of its sanctioned flights for eight weeks. In March 2020, the then Civil Aviation Minister Hardeep Singh Puri had shared some statistics in Parliament, according to which about 70-80 per cent incidents occurred due to engineering/technical issues, including system component …

SpiceJet director Ajay Singh booked for allegedly duping businessman of lakhs, airline calls case 'bogus'
2 years, 5 months ago

SpiceJet director Ajay Singh booked for allegedly duping businessman of lakhs, airline calls case 'bogus'

India TV News  

Highlights Complaint of alleged fraud filed by an individual against Chairman Ajay Singh is bogus: SpiceJet A defamation suit will be filed against the complainant Amit Arora, said SpiceJet According to complaint, Singh had delivered fake depository instruction slip for 10L shares to Arora SpiceJet news updates : SpiceJet on Tuesday said the complaint of alleged fraud filed by an …

Delhi High Court Directs SpiceJet To Up Their Offer To AAI On Rs.158 Cr-Worth Air Traffic Dues
4 years ago

Delhi High Court Directs SpiceJet To Up Their Offer To AAI On Rs.158 Cr-Worth Air Traffic Dues

Live Law  

The Delhi High Court on Friday directed commercial airline SpiceJet to give a better offer to the Airport Authority of India with respect to its payment plans of dues worth Rs. Nayyar on behalf of SpiceJet agreed, and said, "We will give them a better offer, just don't want any precipitate action," upon which the Delhi High Court told AAI …

SC Stays Delhi HC Order Asking SpiceJet to Pay Rs 243 Crore to Kalanithi Maran, Firm
4 years, 1 month ago

SC Stays Delhi HC Order Asking SpiceJet to Pay Rs 243 Crore to Kalanithi Maran, Firm

News 18  

The Supreme Court has stayed a Delhi High Court order asking cash-strapped airlines SpiceJet to deposit around Rs 243 crore as interest in connection with a share transfer dispute with its former promoter and media baron Kalanithi Maran and his firm KAL Airways. SpiceJet and its promoter Ajay Singh were asked to deposit around Rs 243 crore as interest payable …

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