SpiceJet ordered to pay Rs 380 crore to its former promoter Sun group's Kalanithi Maran

Delhi high court has ordered SpiceJet to pay Rs 380 crore to its former promoter Sun group's Kalanithi Maran. The court has also asked the airline to submit an affidavit of assets within four weeks.

Kalanithi Maran sued the airlines in 2017 and for allegedly causing losses by failing to issue convertible warrants and preference shares to him and his KAL Airways. SpiceJet had already paid Maran a principle amount of Rs 579.08 crore after the court fight. However, the interest amount was pending.

As per Mint, The interest stood at Rs 242 crore in October 2020, accumulated to Rs 362 crore by February 2023 and finally touched Rs 380 crore. A SpiceJet spokesperson also told Mint that the airline is confident of resolving the issue mutually as the principal amount is already paid.

This comes amid a battle with aircraft lessors over payments. Meanwhile, SpiceJet witnessed a four-fold increase in earnings to Rs 106.8 crore in the December quarter