- By Priyanka Payal
- Tue, 12 Sep 2023 03:58 PM (IST)
- Source:JND
The low-cost airline SpiceJet has paid Rs 100 Crore to Kal Airways and its promoter Kalanithi Maran, according to Economic Times (ET) report. The airline has paid the amount towards an arbitral order. This comes one day after the Delhi High Court ordered the airline to complete the payment by September 12.
Today, the share price of SpiceJet Ltd was spotted trading 2.43% higher at Rs 40.97 per share. In an exchange filing, the company said, “SpiceJet Ltd. has made a payment of Rs 77.5 crore to Kal Airways Private Limited and will complete the payment of INR 100 crores today by paying Rs 22.5 Crore as per the directions of the Hon’ble Delhi High Court.”
The company said that it acknowledges the legal process and is committed to complying with all court directives and obligations in the Credit Suisse matter and will make the payment of $1.5 million as per the court directive. To date, SpiceJet has already paid a total of $8 million to Credit Suisse as per consent terms. This liability is an old one and predates the current Promoter taking over the company, said the company in a statement.
Earlier, on August 24, the court had asked SpiceJet and Singh to pay Rs 100 crore to Maran by September 10, failing which the court had said that it might consider the attachment of their properties.
On Monday, the apex court ordered the Ajay Singh-led airline to pay $1.5 million to Credit Suisse and warned the budget airline of unspecified "drastic action" at the next hearing if it failed to do so.
On September 5, the company said that it has obtained an extension of upto three months from the Registrar of Companies under Section 96 of the Companies Act, 2013 for conducting the Annual General Meeting (AGM) of the Company for the financial year ended March 31, 2023.
This suggests that the company’s AGM for the financial year ended on March 31 2023, will be held on or before December 31, 2023. The next hearing of the case is slated to be on October 3.
