SpiceJet seeks refund of Rs. 450 crore from former promoter after Delhi HC ruling

SpiceJet will be seeking a refund of Rs. 450 crore from its former promoter Kalanithi Maran and his firm KAL Airways, said the company on Wednesday.

This follows a Delhi high court order on May 17, that has overturned the earlier judgement in favor of Maran, which had upheld an arbitral award.

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The airlines had said that it plans to seek the return of Rs. 450 crore from the Rs. 730 crores, which it had paid to KAL Airways and Maran. This includes Rs. 580 crore in principal and Rs. 150 crore in interest.

The Division Bench of Delhi High Court on May 17 ruled the judgement in favour of SpiceJet and its promoter Ajay Singh, in the long awaiting case against the former promoter and his firm.

SpiceJet released a statement, which read, “This ruling overturns a previous decision by a single judge bench, positioning SpiceJet to claim a substantial refund based on legal advice.