The Supreme Court on Tuesday asked SpiceJet to approach the Delhi High Court to seek an extension of time to deposit the ₹144 crore payable to Kalanithi Maran and Kal Airways.
A two-judge bench of Supreme Court judges Justice PS Narasimha and Justice Alok Aradhe also refused to accept the airline’s plea that the government’s bailout of ₹5,000 crore, announced for the aviation sector earlier this month, could become a ground for extending the timeline by which SpiceJet can pay Maran and Kal Airways.
Appearing for SpiceJet, senior advocate Mukul Rohatgi said that the ongoing West Asia crisis had impacted the airline’s operations and finances, and therefore its ability to pay the ₹144 crore.
Arguing that the “private interest” of Maran and Kal Airways “must yield to public interest” since the airline had several thousand employees, Rohatgi sought an extension of three months for the payment to be made.
Earlier this month, the Delhi High Court had turned down pleas moved by SpiceJet and its promoter, Ajay Singh, seeking a review of earlier orders directing the airline to pay ₹144 crore to Maran and Kal Airways.
The dispute between Ajay Singh and his airline, SpiceJet, and Maran and his company, Kal Airways, stems from the former’s failure to issue warrants in the latter’s favour after the transfer of SpiceJet’s ownership to Singh, the airline’s controlling shareholder.
In 2015, Singh took back control of SpiceJet, even as the airline was battling debt. Maran and Kal Airways had transferred their 35.04 crore equity shares, amounting to a 58.46 per cent stake, in SpiceJet to its co-founder, Singh, in February 2015 for just ₹2.
