In an interesting turn of events, senior advocate Mukul Rohatgi, appearing for SpiceJet, on February 13 said that the Marans are free to reverse the transaction and take the airline back.
The comments from SpiceJet's lawyers were made in jest in the Supreme Court on February 13, after the apex court ruled in the favour of airline's former promoter Kalanithi Maran in a dispute between Ajay Singh and Maran.
"Mr. Rohatgi said now that the company is doing well you want your money. In a lighter vein, he said why dont you take the company back. This statement was made after arguments were concluded and was not a submission to the court or to the other side but just banter between senior counsels," a SpiceJet spokesman said.
Although the comment was made in jest, it comes at a time when the airline has been attracting attention for the wrong reasons.
Over the last two years, the airline has struggled with dues to vendors including lessors that have climbed to over Rs 2,000 crore. Some of its lessors have requested deregistration and return of aircraft due to non-payment.
Last week, after a two-hour delay at Delhi airport, passengers and crew on a SpiceJet flight destined for Patna got into a heated altercation. The flight was delayed owing to an operational issue.
The airline's staff have complained about their provident fund contributions being unpaid for over one year and passengers have been complaining of non-payment of refunds all over social media.
It is estimated that SpiceJet will need to raise around $250 million to pull the airline back from its present abyss, but according to its lawyer the airline is "doing well".
On February 13, the SC directed SpiceJet to invoke a bank guarantee of Rs 270 crore to pay Kalanithi Maran towards the dues from the arbitral award of Rs 572 crore.
The court further directed SpiceJet to pay Rs 75 crore to Maran's claims of Rs 362 crore in interest dues.
The direction was passed as SpiceJet informed the court that it has paid Rs 308 crore in cash against the pending amount of Rs 579 crore and has given a bank guarantee of Rs 270 crore to cover the rest of the amount.
The court further allowed Spicejet to approach the Delhi High Court and argue for a lower interest.
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