Delhi High Court rejects SpiceJet's Gurugram property plea, fines ₹50,000
The Delhi High Court has rejected SpiceJet's attempt to furnish an unencumbered immovable property in Gurugram as security in place of a cash deposit, sticking to its earlier order for a cash deposit.
The court also slapped a ₹50,000 cost on the airline for trying to review the decision.
SpiceJet argued it was struggling financially because of high fuel prices and other disruptions.
Tribunal ordered SpiceJet repay ₹579Cr
This clash goes back to 2015, when Kalanithi Maran and KAL Airways sold their majority stake in SpiceJet but later claimed they didn't get convertible warrants and preference shares.
A tribunal in 2018 told SpiceJet to pay back ₹579 crore with interest.
While SpiceJet says it has already paid around ₹730 crore, disagreements over what's still owed have kept things tense, and Maran isn't budging on the need for actual cash over property.