SpiceJet Refutes Claims by KAL Airways and Kalanithi Maran, Labels Damages Claim as Baseless

SpiceJet strongly refutes the claims made by KAL Airways and Kalanithi Maran regarding seeking damages of Rs.1323 crore. These assertions are not only legally untenable but also a regurgitation of previously rejected claims by the Arbitral Tribunal and then the Delhi High Court.

It is important to clarify the following facts:

Repeated Rejection of Damages Claim: KAL Airways and Kalanithi Maran initially sought damages of more than Rs.1300 crore during the arbitration proceedings. This claim was thoroughly examined and subsequently rejected by a panel of three retired Supreme Court judges.

Following this, KAL Airways and Kalanithi Maran appealed to the Single-Judge Bench of the Delhi High Court, seeking the same amount in damages, which was again rejected by the court.

Notably, they chose not to pursue any appeal before the appellate jurisdiction and consequently, the matter attained finality. This matter is devoid of any merit and appears to be an endeavour to sensationalise the issue and mislead the public.

The Division Bench of the Delhi High Court on May 17, 2024, ruled in favour of SpiceJet and Ajay Singh. Following the success before the Division Bench of the Delhi High Court, SpiceJet will now pursue a refund of Rs.450 crores as outlined in our previous press release.

Shares of SPICEJET LTD was last trading in BSE at Rs. 58.27 as compared to the previous close of Rs. 60.43. The total number of shares traded during the day was 3723086 in over 10657 trades.

The stock hit an intraday high of Rs. 60.88 and intraday low of 58.00. The net turnover during the day was Rs. 218909536.00.

Source : Equity Bulls

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SPICEJET INE285B01017 Dispute KALAirways