स्पाइसजेट ने केएएल एयरवेज के दावों का खंडन किया, कलानिधि मारन ने 1,323 करोड़ रुपये का हर्जाना मांगा।

स्पाइसजेट ने केएएल एयरवेज के दावों का खंडन किया, कलानिधि मारन ने 1,323 करोड़ रुपये का हर्जाना मांगा।

SpiceJet refutes claims by KAL Airways, Kalanithi Maran seeking damages of Rs 1,323 crore.

SpiceJet Disputes Rs 1,323 Crore Claims by KAL Airways and Kalanithi Maran.

  • Business
  • 157
  • 28, May, 2024
Jyoti Ahlawat
Jyoti Ahlawat
  • @JyotiAhlawat

SpiceJet refutes claims by KAL Airways, Kalanithi Maran seeking damages of Rs 1,323 crore.

SpiceJet, amidst its current crisis, has dismissed the claims put forth by KAL Airways and Kalanithi Maran, who sought damages amounting to Rs 1,323 crore from SpiceJet and its CEO Ajay Singh in their ongoing legal dispute. The Delhi High Court's division bench, on May 17, overturned a previous ruling by a single-judge bench that had upheld an arbitration award against the airline and its promoter, Ajay Singh, which required a refund of Rs 579 crore plus interest.

SpiceJet has deemed the financial demands by KAL Airways and Kalanithi Maran as legally unfounded, highlighting their rejection by both the Arbitral Tribunal and the Delhi High Court. Additionally, SpiceJet accused the two parties of sensationalizing the issue and misguiding the public.

In a statement, the airline clarified that KAL Airways and Kalanithi Maran initially sought damages exceeding Rs.1300 crore during arbitration proceedings, a claim which was thoroughly examined and subsequently dismissed by a panel of three retired Supreme Court judges. Despite this, KAL Airways and Kalanithi Maran pursued the same amount in damages before the single-judge Bench of the Delhi High Court, which was once again rejected.

Following the court's rejection of their claims, KAL Airways and Kalanithi Maran announced their intention to challenge the Delhi High Court's decision. They also stated their pursuit of damages exceeding Rs 1,323 crore, as assessed by FTI Consulting LLP, United Kingdom, a globally recognized firm specializing in estimating losses from breaches of contractual commitments.

Emphasizing that their claim for damages has remained integral to their pursuit of justice, KAL Airways and Kalanithi Maran expressed enduring hardship stemming from SpiceJet's breach of trust, extending over a decade. The dispute originated in 2015 when Singh repurchased the airline from Maran after a prolonged grounding due to financial constraints. As part of the agreement, both KAL Airways and Maran claimed to have disbursed Rs 679 crore to SpiceJet for the issuance of warrants and preference shares. However, Maran lodged a complaint with the Delhi High Court in 2017, alleging non-fulfillment of SpiceJet's promise to issue convertible warrants and preference shares.

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Jyoti Ahlawat

Jyoti Ahlawat

  • @JyotiAhlawat