The Delhi High Court has recently overturned a decision that upheld an arbitral award in favor of Kalanithi Maran and against SpiceJet, a private carrier. The arbitral award had required SpiceJet, led by Ajay Singh, to refund 579 crore, including interest, to Maran, the airline’s former promoter. Maran was entitled to a refund of 308 crore for warrants and 270 crore for CRPS, along with interest.