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KAL Airways, owned by Sun Group, has categorically denied media reports suggesting an amicable settlement with SpiceJet over pending dues.
In a statement, KAL Airways clarified: “There is no question of an amicable settlement with SpiceJet. The matter reached finality by virtue of the Supreme Court order dated July 7.”
The statement further emphasised KAL Airways’ expectation for SpiceJet to comply with the Supreme Court’s orders, and promptly pay the interest amount of ₹386 crore. It added: “We hope SpiceJet will comply with the Supreme Court orders and pay us the interest amount of ₹386 crore forthwith.”
Responding to KAL Airways’ statement, SpiceJet issued a statement of its own, stating: “The payment of ₹380 crore as directed to be paid by the Supreme Court is only a security deposit amount arising from execution proceedings.” SpiceJet clarified that the final amount to be paid by either party will be determined by the Delhi High Court. The airline also reaffirmed its commitment to finding an amicable settlement, noting: “We remain committed to finding an amicable settlement in this matter.”
The Supreme Court, on July 7, declined SpiceJet’s request for additional time to make payments to Kalanithi Maran, in compliance with its earlier order from February. The court criticised SpiceJet for filing the application and emphasised the need to uphold commercial morale. As a consequence of this order, SpiceJet is now obliged to pay over ₹350 crore to Maran.
Fund-raise plans
In a related development, SpiceJet announced that its board of directors will convene on July 12 to consider raising fresh capital through the issuance of equity shares and/or convertible securities on a preferential basis. The airline stated: “The Board of Directors of the company will be held on July 12 to consider and approve, inter-alia, options for raising fresh capital through the issue of equity shares and/or convertible securities on preferential basis, in accordance with the relevant provisions of applicable law.”
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