The Supreme Court was told by Sun TV founder Kalanithi Maran on Monday that it has refused the Rs 600 crore one-time settlement offer made by SpiceJet, to end a long-standing share-transfer dispute between the two.
The Apex Court had on Thursday asked Kal Airways, owned by Maran, to consider settling all ongoing disputes and pending proceedings with SpiceJet.
Maran, former promoter of SpiceJet Ltd, was represented by Senior Advocate Maninder Singh.
The Counsel told the Bench that they have decided not to accept the SpiceJet’s offer, as the total amount owed by them was more than Rs 920 crore.
Chief Justice (CJI) N.V. Ramana will now hear the matter on merits on March 2.
SpiceJet said that out of the principal amount of Rs 578 crore awarded in arbitration, it had already paid Rs 308 crore in cash and deposited a bank guarantee of Rs 270 crore.
After hearing both the parties, the top court of the country had asked Maran to consider the Rs 600 crore offer made by SpiceJet.
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In February 2015, Maran had transferred his shareholding in SpiceJet to Ajay Singh, the current Chairman and Managing Director of the airline, after the airline suffered a cash crunch.
Singh also took over SpiceJet’s liabilities of Rs 1,500 crore.
As part of the agreement, Maran and Kal Airways also made payments of Rs 679 crore to SpiceJet, under Singh, for issuing warrants and preference shares.
However, Maran approached the Delhi High Court in 2017, alleging the convertible warrants and preference shares were not issued, and nor was the money returned by the airline and Singh.