On Friday, the Delhi High Court overturned a decision that had upheld an arbitral award in favor of Kalanithi Maran and against the private carrier SpiceJet. On July 31, 2023, a single judge bench of the Delhi High Court declined to interfere with a 2018 arbitral award that required Ajay Singh-led SpiceJet to refund 579 crore, along with interest, to the airline’s former promoter, Maran. Maran was entitled to a refund of 308 crore for warrants and 270 crore for CRPS, plus interest. The High Court’s decision is a significant setback for Maran, who had been seeking to enforce the arbitral award against SpiceJet.
Delhi High Court Overrules Decision Favoring Kalanithi Maran Against SpiceJet
