SC stays HC order in SpiceJet case

The Supreme Court on Friday stayed a Delhi High Court order of September 2, directing SpiceJet to pay ₹242.93 crore to KAL Airways and Kalanithi Maran, the previous owners, within six weeks.

A Bench led by Chief Justice of India S.A. Bobde issued notice on the appeal filed by the low-cost airline against the High Court order.

“Issue notice returnable within four weeks. There shall be stay of operation of the impugned order until further orders,” the court order said.

KAL and Mr. Maran had transferred their shareholding to Ajay Singh, currently the chairman and managing director of the airline, in December 2014.

The six-week deadline for payment had expired on October 14. Mr. Maran and KAL had waited a week before moving the High Court again.

On September 2, the High Court had, in an oral order, said that if the payment was not made in time, Mr. Maran and KAL were at liberty to revive their prayers “seeking directions to the joint debtors to maintain status quo with respect to their shareholding.”

The case relates to the dispute arising out of non-issuance of warrants and preference shares in favour of Mr. Maran.

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Printable version | Jun 14, 2021 9:27:50 AM |

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