SpiceJet disburses Rs 100 cr to Kalanithi Maran as part of arbitral award

New Delhi, Sep 12

SpiceJet has paid Rs 100 crore to Kal Airways promoter Kalanithi Maran, as part of a Rs 380 crore arbitral award order, following a directive from the Delhi High Court, instructing the low-cost airline to fulfill the payment obligation.

"SpiceJet Ltd. has completed the payment of Rs 100 crore to Kal Airways Private Limited. While a payment of Rs 77.5 crore had been made to Kal Airways till September 11, the remaining Rs 22.5 crore was paid on Tuesday," said the airline spokesperson.

"SpiceJet acknowledges the legal process and is committed to complying with all court directives and obligations in the Credit Suisse case and will make the payment of $1.5 million as per the court directive. Till date, SpiceJet has already paid a total of $8 million to Credit Suisse," said the spokesperson.

The Delhi high court had also listed the matter for hearing on October 3. On July 24, the high court issued notice to SpiceJet and Singh seeking urgent hearing of its enforcement petition in a case where the former is to pay approximately Rs 380 crore to it towards its interest liability under the arbitral award.

On Monday, the Supreme Court also issued a stern warning to SpiceJet, cautioning it about the possibility of "severe consequences" if they fail to settle their outstanding dues to Credit Suisse.

The Apex court also instructed SpiceJet to make a payment of $1.5 million in the Credit Suisse case by September 15.