Kalanidhi Maran said no to Spiget's 600 crore settlement offer, know why Maran is fighting against the company in court

Kalanidhi Maran said no to Spiget’s 600 crore settlement offer, know why Maran is fighting against the company in court

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New Delhi. Kalanithi Maran has turned down SpiceJet’s settlement offer of Rs 600 crore. Rejecting SpiceJet’s offer for Maran, Maran’s counsel argued that the outstanding amount in the case was Rs 900 crore, which is much higher than the Rs 600 crore offered. Now Chief Justice of Supreme Court NV Raman will hear the matter on March 2.

Dayanidhi Maran is the former promoter of SpiceJet. There is a dispute between him and SpiceJet related to share transfer, which is going on first in the Delhi High Court and now in the Supreme Court. SpiceJet had offered Rs 600 crore to Maran to settle the matter. The Supreme Court on Thursday (February 10) had asked Maran-led Kal Airways to settle the dispute with SpiceJet. Kal Airways is the former promoter of SpiceJet.

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Hearing in this matter took place on Thursday. During the hearing in the Supreme Court, SpiceJet had made a settlement offer of Rs 600. SpiceJet told the Supreme Court that out of the total principal amount of Rs 578 crore fixed in arbitration, SpiceJet has already paid Rs 308 crore. Bank guarantee of Rs 270 crore has also been deposited. The Supreme Court had asked Maran to consider SpiceJet’s offer of Rs 600 crore.

this is the case

SpiceJet almost went bankrupt during 2014-15. In February 2015, Kalanidhi Maran transferred his stake in SpiceJet to Ajay Singh. Ajay Singh took over the company’s liability of Rs 1,500 crore. For this he had paid Rs 2 to the airline. Under the then agreement, Maran and Kal Airways gave Rs 679 crore to SpiceJet in lieu of issuance of warrants and preference shares. In 2017, Dayanidhi Maran accused him of not issuing convertible warrants and preference shares. He said that Spiget has not even given him money. He filed the case in Delhi High Court.

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The matter reached the Supreme Court from the High Court

The Delhi High Court ordered SpiceJet to pay Rs 243 crore to Maran as interest on Rs 579 crore to be repaid. Then the matter went to the Supreme Court and the Supreme Court stayed the order of the Delhi High Court in 2020. Maran and Kal Airways demanded the Supreme Court to lift the stay on the order of the Delhi High Court.

Tags: Spicejet, Supreme Court of India

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