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'Consider paying interest and wrap it up', SC asks SpiceJet to settle dispute with Maran

SpiceJet told the Supreme Court on March 31 that it has settled the dispute with Credit Suisse which had led to the Madras High Court ordering the winding-up of the airline.

March 31, 2022 / 05:47 PM IST
Representational image.

Representational image.

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The Supreme Court on March 31 asked SpiceJet to consider paying the amount of Rs 300 crore sought by Kalanithi Maran as interest amount under an arbitration award for the dispute between the parties.

The top court’s suggestion for SpiceJet to consider paying out Maran’s ask came after the court was informed that the lumpsum payment of Rs 600 crore offered by SpiceJet was not acceptable to Maran, the former promoter of the airline.

While SpiceJet informed the court that the principal amount owed to Maran is secured, some part in cash and another part in bank guarantee, the airline’s counsel added that the dispute revolves around the rate interest.

A challenge to the arbitration award that asked SpiceJet to pay the interest amount remains pending. And an alternative offer proposed by SpiceJet envisioned a part payment of interest amount sought and an expeditious hearing of this pending challenge