Maran, KAL Airways reject SpiceJet offer, seek Rs 920 crore

Senior advocate Maninder Singh, representing KAL Airways, submitted before a bench headed by Chief Justice NV Ramana that it was not possible for his clients to consider the offer proposed by SpiceJet airlines. The bench, also comprising Justices A.S. Bopanna and Hima Kohli, inquired further if none of the two offers proposed by SpiceJet was acceptable. Singh replied in the negative and added as per the arbitral award SpiceJet has to pay them Rs 920 cr.

Singh also submitted he could take the court through the calculations as per the arbitral award from the pleadings itself in support of the arguments. He also submitted that the matter may be listed for arguments on the next date of hearing.

Senior advocate Mukul Rohatgi, representing SpiceJet airlines, urged the bench to hear the matter within 2 weeks. Singh was assisted by advocates from Karanjawala & Co.

After hearing arguments, the top court has scheduled the matter for further hearing on March 2.

On February 10, the Supreme Court asked Kalanithi Maran, the former promoter of SpiceJet, to consider the full and final settlement offer made by SpiceJet to end the dispute in a share transfer matter.

SpiceJet, after the hearing in the top court, said: “Out of the principal amount of Rs 578 crore awarded in arbitration, SpiceJet has already paid Rs 308 crore in cash and deposited a bank guarantee of Rs 270 crore.”