SpiceJet offers to pay Rs 600 crore to Kalanithi Maran, KAL Airways to settle disputes
India Today
Domestic carrier SpiceJet has offered to pay Rs 600 crore in cash to Kalanithi Maran and his firm KAL Airways for a full and final settlement of all disputes.
Domestic airline Spicejet on Thursday said that it has offered to pay Rs 600 crore in cash in the share transfer case with Kalanithi Maran and his firm KAL Airways for a full and final settlement of all disputes. The offer was made during the Supreme Court hearing on the matter.
The apex court has asked the former promoter of the airlines to consider the settlement offer.
Senior advocate Mukul Rohatgi, appearing for SpiceJet, told the court that out of the principal amount of Rs 578 crore awarded in arbitration, the airline had already paid Rs 308 crore in cash and deposited a bank guarantee of Rs 270 crore.
Rohatgi proposed to pay the bank guarantee an equivalent amount of Rs 270 crore in cash and top it up with an additional Rs 22 crore aggregating the total payout to Rs 600 crore as full and final settlement of all disputes between the parties.
The CJI NV Ramana-led bench directed senior advocate Maninder Singh, appearing for Maran, to ask his client if he is willing to take SpiceJet's offer to pay another Rs 300 cr as a final amount subject to the entire dispute getting resolved, without any further litigation.
The next hearing on the matter has been fixed for Monday.
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