The Delhi High Court on Wednesday allowed Kal Airway's and its promoter Kalanithi Maran's application seeking 50 per cent of the daily revenue collection of low-cost airline SpiceJet Ltd to be paid to them on a weekly basis.
The Delhi High Court on Monday upheld an arbitral award passed by the tribunal comprising three retired Supreme Court judges in the matter of low-cost airline SpiceJet and Kal Airway's promoter Kalanithi Maran, favouring the latter.
The legal dispute dates back to January 2015, when Ajay Singh, the present owner of SpiceJet, bought back the airline from Kalanithi Maran after it was grounded for months
The court also rejected Maran s challenge to the arbitral award. Maran had requested to invalidate the portion of the award that included the interest on the amount of Rs 270 crore for the non-issuance of compulsory redeemable preference shares.
The Delhi High Court on Monday issued notice to SpiceJet Ltd and its Chairman and Managing Director Ajay Singh in Kal Airways and its promoter Kalanithi Maran's application seeking urgent hearing of its enforcement petition in a case where the .