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IndiGo's Rakesh Gangwal moves Delhi HC, seeks early enforcement of arbitration award: Report

Based on proceedings initiated by Rahul Bhatia-owned lnterGlobe Enterprises Private Limited, the London Court of International Arbitration had, on September 25, given the final award in the feud between the two IndiGo promoters.

October 07, 2021 / 06:44 PM IST
Rakesh Gangwal, Co-founder, Indigo Airlines

Rakesh Gangwal, Co-founder, Indigo Airlines

IndiGo Airlines promoter Rakesh Gangwal on October 7 took the fight with co-promoter Rahul Bhatia to the Delhi High Court. He sought directions from the Delhi HC to enforce a 250-page arbitration award that was out recently, reported ET Now.

The Del HC will be hearing his plea against IndiGo on October 8 around 11:00 am.

Based on proceedings initiated by Rahul Bhatia-owned lnterGlobe Enterprises Private Limited, the London Court of International Arbitration had, on September 25, given the final award in the feud between the two IndiGo promoters.

Also read: Rahul Bhatia and Rakesh Gangwal, the unlikely friends who founded India's biggest airline

Both parties had been granted 90 days’ time to enforce the order. However, Gangwal decided to move the Delhi High Court before the deadline and also agreed to enforce the orders before the 90-day period.

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According to InterGlobe Aviation, which owns IndiGo, neither promoter had won the arbitration award, as it had favoured and gone against both of them in parts.

The company had said in a BSE filing: “The award has issued directions to each of the RG Group and the IGE Group in relation to the relief sought by them against each other. The award also directs the reimbursement of the costs incurred by the company in relation to the arbitration by the IGE group.”

Bhatia and Gangwal fell out early in 2019, after the latter approached market regulator Sebi, the Finance Ministry, and the Prime Minister’s Office seeking intervention on multiple corporate governance issues and the Bhatia’s Group’s sway over the airline.

The fight has been bitter and long-drawn, with no sign of thaw or truce.
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