New Delhi: The Supreme Court on Monday said the bank guarantee of Rs 270 crore of SpiceJet must be encashed immediately and the money be paid to media baron Kalanithi Maran and his Kal Airways towards dues from the arbitral award of Rs 578 crore. A bench of Chief Justice of India D Y Chandrachud and justices P S Narasimha and J B Pardiwala also directed Spicejet to pay within three months Rs 75 crore to Maran and Kal Airways towards the interest component on the arbitral
award. "We direct that the respondents/decree holder (Maran and Kal Airways) having already received Rs 308 crore out of the arbitral award of Rs 578 crore, the bank guarantee of Rs 270 crore shall be encashed forthwith and the amount shall be paid over to the decree holder...," the bench said.
It added that this will ensure that the principal sum due in the award is paid almost in entirety. SC was hearing SpiceJet's appeal against the November 2, 2020, order of the Delhi HC, asking the airline to deposit around Rs 243 crore as interest in connection with share transfer dispute with its former promoter, Maran, and Kal Airways.