News

Supreme Court rejects SpiceJet plea in Maran dispute, upholds ₹144 crore paymentThe Supreme Court dismissed SpiceJet and Ajay Singh’s plea against a Delhi High Court order directing deposit of ₹144.51 crore in the Maran arbitration dispute, imposing ₹1 lakh costs.By Sheersh Kapoor   |  Ashmit Kumar  February 27, 2026, 2:14:40 PM IST (Published)2 Min ReadThe Supreme Court on Friday dismissed a plea by SpiceJet Limited and its chairman Ajay Singh challenging the Delhi High Court’s January 19 order directing deposit of ₹144.51 crore in the long-running arbitration dispute with Kalanithi Maran and KAL Airways Pvt Ltd.

A Bench of Justices PS Narasimha and Alok Aradhe also imposed costs of ₹1 lakh on Ajay Singh, observing that the litigation had been pursued endlessly.

The dispute dates back to 2015, when SpiceJet was facing acute financial distress. At the time, Kalanithi Maran and KAL Airways, which held a 58.46% stake in the airline, entered into a Share Sale and Purchase Agreement (SSPA) under which they agreed to transfer their entire shareholding to Ajay Singh for a nominal consideration of ₹2. The arrangement included issuance of warrants and cumulative redeemable preference shares and an overall funding commitment of about ₹450 crore.

In July 2018, an arbitral tribunal directed SpiceJet and Ajay Singh to refund ₹308.21 crore with 12% annual interest from November 2015. Multiple rounds of litigation followed in the Delhi High Court and the Supreme Court over enforcement of the award.

Also Read: SpiceJet Block Deal: Authum Investment clarifies selling part of promoter pledge

In January 2026, the Delhi High Court directed deposit of the remaining ₹144.51 crore towards admitted interest dues, citing prior Supreme Court directions. The apex court has now upheld that order.

Shares of SpiceJet were trading at ₹16.44, up 3.40%, on the BSE at 1:44 PM.Continue ReadingTagsSpiceJetSpiceJet chairman Ajay SinghSupreme Court SC