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SpiceJet, in a statement on Tuesday, confirmed the disbursement of Rs 100 crore to Kal Airways and its promoter, Kalanithi Maran, as part of a Rs 380 crore arbitral award. This payment came in response to a directive from the Delhi High Court on Monday, which mandated the airline to fulfill the outstanding amount.
According to SpiceJet's statement, they have already remitted Rs 77.5 crore to Kal Airways Private Limited, with the remaining Rs 100 crore set to be completed today, following the specific instructions of the Hon'ble Delhi High Court, which necessitate an additional payment of Rs 22.5 crore.
The statement also underscored SpiceJet's commitment to adhering to the legal process and complying with all court-mandated responsibilities in the Credit Suisse case. As per the court's directive, the company will pay $1.5 million. Notably, SpiceJet has already disbursed $8 million to Credit Suisse in accordance with the mutually agreed terms.
In the previous month, the court had issued a directive for the airline to remit Rs 100 crore to Maran by September 10, cautioning that in case of non-compliance, the court might contemplate seizing the airline's assets.
Subsequently, on Monday, the Supreme Court instructed the airline under the leadership of Ajay Singh to make a payment of $1.5 million to Credit Suisse and conveyed a stern warning of potential "severe measures" in case of default. Representing Maran, senior advocate Maninder Singh disclosed that Ajay Singh and his airline now owe them an approximate sum of Rs 397 crore.
He also highlighted that, in accordance with the court's instructions, Singh and SpiceJet had submitted an affidavit detailing their assets and liabilities. However, it was noted that this affidavit did not conform to the legally prescribed format and was submitted in a sealed envelope.
