The Supreme Court today upheld the Delhi High Court’s decision rejecting the ₹1,323 crore damages claim by Kal Airways and SpiceJet’s former promoter, Kalanithi Maran, against SpiceJet and its chairman, Ajay Singh.
A bench of Justice PS Narasimha and Justice AS Chandurkar dismissed the special leave petitions (SLPs) filed by Kal Airways and Maran, challenging the Delhi High Court division bench’s order of May 23, 2025, which had rejected their appeal on grounds of delay and suppression of material facts.
Pronouncing the verdict, Justice Chandurkar stated: “Both the special leave petitions are dismissed.”
Background of the dispute:
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In 2015, Maran and Kal Airways sold their 58.46% stake in SpiceJet to Ajay Singh for a nominal ₹2 as part of a revival scheme for the struggling airline.
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They also paid ₹679 crore to SpiceJet for issuing convertible warrants and preference shares, which they later claimed were not issued.
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In 2017, Maran and Kal Airways sued Singh and SpiceJet, alleging breach of the share purchase agreement.
Arbitration and litigation:
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In 2018, a three-member arbitral tribunal (comprising retired Supreme Court judges) rejected their ₹1,323 crore damages claim but directed SpiceJet to refund ₹579.08 crore plus interest for the unissued warrants and shares.
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Maran’s claim to restore his 58.46% ownership in the airline was also rejected.
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Both parties challenged the arbitral award in the Delhi High Court.
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In July 2023, the single judge upheld the tribunal’s order requiring a refund of ₹270 crore plus interest.
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Subsequently, appeals and cross-appeals led to the division bench remanding the matter for reconsideration under Section 34 of the Arbitration & Conciliation Act.
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After further rounds of litigation, the division bench in May 2025 dismissed Kal Airways’ appeals citing delay and suppression of facts — which was challenged in the Supreme Court.
Supreme Court’s final word:
The apex court, agreeing with the High Court, dismissed the SLPs and effectively ended the legal battle in SpiceJet’s favour.
Case details:
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Kal Airways Pvt. Ltd. vs SpiceJet Ltd. & Anr — SLP(C) No. 17270/2025
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Kalanithi Maran vs SpiceJet Ltd. & Anr — SLP(C) No. 17306/2025
This ruling brings closure to a high-profile corporate dispute that has been ongoing for nearly a decade.
