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August 24, 2023While SpiceJet offered to deposit 750 million rupees within 10 days, the airline was told by the court to pay 1 billion rupees by 10 September, failing which the company’s assets will be seized in order to recover the dues.
SpiceJet lost an arbitration case in 2018 over share transfers from Kalanithi Maran to the company’s new management in 2015, making the airline liable to pay $70 million plus interest. Maran then took SpiceJet to court saying he was still owed $48 million.
During Maran’s case hearing, SpiceJet said that it was facing financial struggles. “We are struggling to stay afloat,” the airline’s lawyer Amit Sibal told the judge. SpiceJet responded by saying that they would ‘make the specified payment within the prescribed timeframe.’
The order comes days after the Supreme Court, in a separate case, asked SpiceJet’s Managing Director Ajay Singh to appear in court and defend allegations by Credit Suisse claiming certain unpaid dues.
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SpiceJet aircraft catches fire at Delhi airport during engine maintenance works
Both the Delhi High Court case and the Supreme Court case will next be heard on Sept. 11.
SpiceJet announced this month its most substantial quarterly earnings in the past four years. This boost in profits was facilitated by a significant reduction in costs attributed to a decrease in the number of flights being operated. Simultaneously, SpiceJet has been actively working to secure funding and reinstate operations for approximately a quarter of its fleet. This portion of the fleet had been grounded due to ongoing disputes with its lessors regarding payments. All of this is transpiring in an environment of intensifying competition within the sector.
While IndiGo and Air India have hundreds of new planes on order, another budget airline, Go First, filed for bankruptcy in May.
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Watch: Passenger harasses cabin crew on SpiceJet flight
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