SpiceJet vs Maran: Airline to deposit ₹144.5 crore in tranches
Budget carrier SpiceJet has committed to depositing 144.5 crore rupees in installments following a prolonged legal dispute with former promoter Kalanithi Maran. This marks a shift in the airline's legal strategy after previously citing liquidity constraints and offering physical assets as security.
SpiceJet has agreed to deposit a total of 144.5 crore rupees in staggered tranches to honor its obligations in the ongoing legal conflict with Kalanithi Maran and his firm, KAL Airways. This commitment follows previous proceedings where the airline had sought alternatives to cash payments due to financial pressures.
The current development represents a significant pivot for the airline, which had earlier argued in court that it lacked the necessary liquidity for an immediate cash deposit. During those hearings, SpiceJet had proposed furnishing a commercial property located in Gurugram as a form of security instead of liquid funds.
The legal battle originates from a long-standing dispute regarding share transfers and warrants dating back to the change in ownership of the airline. The phased payment plan is intended to satisfy the court's requirements while the parties continue to navigate the specifics of the settlement. Source: Reuters.
