SpiceJet Secures Major Victory as Supreme Court Upholds Division Bench Order

SpiceJet Ltd. welcomes the Supreme Court's decision to dismiss an appeal filed by Kalanithi Maran and Kal Airways challenging a Delhi High Court division bench ruling in favour of the airline.

The Division Bench of the Delhi High Court, on May 17, 2024, ruled in favour of SpiceJet and its Chairman and Managing Director, Ajay Singh, overturning a previous single‐bench order that directed SpiceJet to pay interest of up to Rs. 300 crore to Maran in a dispute over an arbitral award. The Supreme Court's dismissal of Maranʹs appeal vindicates SpiceJetʹs position in this protracted legal battle.

Following this success, SpiceJet will now pursue a refund of ₹450 crore, as outlined in our previous press release. In addition to significant steps being taken by SpiceJet to raise new funds, this refund will additionally strengthen the airline's financial position and enable further expansion.

Shares of SPICEJET LTD was last trading in BSE at Rs. 58.25 as compared to the previous close of Rs. 57.62. The total number of shares traded during the day was 5169139 in over 12340 trades.

The stock hit an intraday high of Rs. 60.84 and intraday low of 57.83. The net turnover during the day was Rs. 308056891.00.

Source : Equity Bulls

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SPICEJET INE285B01017 SCDecision