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The Supreme Court on Monday has been informed that Kalanithi Maran and KAL Airways have refused to accept the offer proposed by Spicejet regarding the one-time settlement of the dispute over the share transfer issue between Spicejet's former promoter Kalanithi Maran, Kal Airways Pvt Ltd and Spicejet.

A bench of Chief Justice of India NV Ramana, AS Bopanna and Justice Hima Kohli has listed the matter for consideration on merits for March 2, 2022.

The bench was hearing an application filed by decree holders seeking vacation of the stay, wherein the apex court had stayed the operation of the Delhi High Court's order in the plea by Spicejet challenging the High Court order directing Spicejet to deposit money to secure the decree holders to the extent of interest granted to them under an arbitral award in a share transfer issue Spicejet's former promoter Kalanithi Maran and Kal Airways Pvt Ltd. 

Earlier, the bench had directed the counsels to seek instruction from the parties with regard to agreeing on either of the options:

That Spicejet will give Rs. 300 crores towards a full and final settlement of the dispute and the matter finally gets settled and no further litigation, or;

Out of the Bank Guarantee of Rs. 270 crores deposited with High Court, Spicejet will give Rs. 100 crores for now and the order will be passed by the Hon'ble Supreme Court to hear Section 34 petition which is pending before the Delhi High Court expeditiously.

Background

Sr. Adv. Maninder Singh appearing for Kal Airways submitted that High Court has asked them (Spicejet) to pay the decretal amount against which Spicejet have deposited only Rs. 270 crores as bank guarantee and now there is a winding-up order passed against Spicejet by the Hon’ble Madras High Court in another case being Credit Suisse AG vs. Spicejet.

He said that in such a change in circumstance, Spicejet should be directed to pay and deposit Rs. 242 crores otherwise the Respondent will have to run from pillar to post. 

Whereas, Sr. Adv. Mukul Rohatgi appearing for Spicejet had stated that the petitioners have already paid Rs. 308 crores to the respondent.

"We have already paid Rs. 308 crores, Rs. 275 crores bank guarantee is already deposited before the Hon’ble Delhi High Court. The Section 34 petition is already pending which may be decided by the Hon’ble High Court and this Court may order to decide that expeditiously," Rohatgi added.

Cause Title: M/s Spicejet Limited vs Kalanithi Maran