ÑDz©ÌåÓý¹ÙÍøÊ×Ò³

KAL Airways is seeking compensation from SpiceJet
AVIATION & AIRPORTS

KAL Airways is seeking compensation from SpiceJet

In the ongoing dispute between the two parties, KAL Airways and Kalanithi Maran announced that they will challenge the recent Delhi High Court ruling and demand more than Rs 13.23 billion in damages from SpiceJet and its CEO, Ajay Singh. On May 17, a division bench of the court overturned a single judge bench ruling that had maintained an arbitral award demanding that Maran receive a repayment of Rs 5.79 billion plus interest from SpiceJet and its promoter, Ajay Singh.

The panel granted Singh and SpiceJet's appeals against the July 31, 2023, judgement of the single judge and returned the case to that court so that the petitions contesting the arbitral award may be considered again.

In the ongoing legal battle between the two sides, KAL Airways and Kalanithi Maran said that they will appeal the latest Delhi High Court decision and seek damages from SpiceJet and its CEO, Ajay Singh, totaling more than Rs 13.23 billion. A division bench of the court rejected a single judge bench order on May 17, overturning the arbitral verdict that demanded that SpiceJet and its entrepreneur, Ajay Singh, refund Maran Rs 5.79 billion plus interest. The panel upheld Singh and SpiceJet's appeals against the single judge's July 31, 2023, ruling and remanded the matter to that court for further consideration of the petitions challenging the arbitral award. The decree holders want to obtain a fair and just settlement to the acrimonious issue by pursuing both the appeal of the Delhi High Court ruling and the damages claim, according to the statement. SpiceJet's betrayal of trust gave rise to the dispute, which has caused "enormous hardship to both KAL Airways and Kalanithi Maran for more than a decade," according to the statement. The statement claims that they would seek the implementation of the arbitral award and a reimbursement of the outstanding payments, which total Rs 3.53 billion.

In the ongoing dispute between the two parties, KAL Airways and Kalanithi Maran announced that they will challenge the recent Delhi High Court ruling and demand more than Rs 13.23 billion in damages from SpiceJet and its CEO, Ajay Singh. On May 17, a division bench of the court overturned a single judge bench ruling that had maintained an arbitral award demanding that Maran receive a repayment of Rs 5.79 billion plus interest from SpiceJet and its promoter, Ajay Singh. The panel granted Singh and SpiceJet's appeals against the July 31, 2023, judgement of the single judge and returned the case to that court so that the petitions contesting the arbitral award may be considered again. In the ongoing legal battle between the two sides, KAL Airways and Kalanithi Maran said that they will appeal the latest Delhi High Court decision and seek damages from SpiceJet and its CEO, Ajay Singh, totaling more than Rs 13.23 billion. A division bench of the court rejected a single judge bench order on May 17, overturning the arbitral verdict that demanded that SpiceJet and its entrepreneur, Ajay Singh, refund Maran Rs 5.79 billion plus interest. The panel upheld Singh and SpiceJet's appeals against the single judge's July 31, 2023, ruling and remanded the matter to that court for further consideration of the petitions challenging the arbitral award. The decree holders want to obtain a fair and just settlement to the acrimonious issue by pursuing both the appeal of the Delhi High Court ruling and the damages claim, according to the statement. SpiceJet's betrayal of trust gave rise to the dispute, which has caused enormous hardship to both KAL Airways and Kalanithi Maran for more than a decade, according to the statement. The statement claims that they would seek the implementation of the arbitral award and a reimbursement of the outstanding payments, which total Rs 3.53 billion.

Next Story
Infrastructure Urban

3i Infotech Reports Rs 7.25 Bn Revenue for FY25

3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..

Next Story
Infrastructure Urban

Emerald Finance Joins Baya PTE to Boost SME Bill Discounting

Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..

Next Story
Infrastructure Urban

BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25

BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, “We are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement