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The Delhi High Court has overturned a previous order that upheld an arbitral award in favour of Kalanithi Maran and Kal Airways against SpiceJet. The dispute originates from January 2015, when Maran transferred his 58.46% stake in SpiceJet to Ajay Singh for Rs 2, taking on a Rs 1,500 crore debt liability. The arbitration tribunal had ruled in July 2018 that Maran and Kal Airways were owed Rs 579 crore plus interest from SpiceJet for non-issuance of warrants and preference shares. SpiceJet challenged this decision, leading to the High Court's recent ruling. The court found that the tribunal's award did not meet the necessary legal standards to be upheld. This legal battle highlights the complexities of corporate transactions and the stringent scrutiny of arbitral awards in Indian courts. Maran, the promoter of Sun Network, had initially approached the Delhi High Court in 2017, alleging that SpiceJet failed to honour the terms of the agreement made during the stake transfer. The agreement stipulated that SpiceJet would issue convertible warrants and preference shares worth Rs 679 crore, which Maran claimed were never issued. In response, SpiceJet contested the arbitral award, arguing that it was not illegal or against public policy. The recent decision by the Delhi High Court to set aside the award indicates that the evidence presented by Maran and Kal Airways was insufficient to justify the award. This case underscores the importance of thorough documentation and adherence to agreements in corporate transactions. It also illustrates the judiciary's role in ensuring that arbitral awards comply with legal and policy standards before enforcement.