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Delhi High Court Issues Dire Warning of Consequences for Non-Payment,
In a significant legal development, the Delhi High Court has mandated that Ajay Singh, the Chairman and Managing Director (CMD) of SpiceJet, must pay Rs. 100 crore to Kalanithi Maran by September 10, in a case that has garnered attention for its financial implications. This directive comes with a stern warning that failure to comply could potentially lead to Singh's arrest. The case is scheduled for its next hearing on September 11.
The court's order arrives after Kalanithi Maran claimed that SpiceJet owes him a substantial amount, totaling Rs. 393 crore as of August 3. The court's ruling underscores the urgency of settling this financial dispute and places the onus on Ajay Singh to fulfill his obligation.
Ajay Singh, representing SpiceJet, personally appeared before Justice Yogesh Khanna of Delhi HC due to non-compliance with the court's prior order. The court cautioned that if the payment is not made, it could result in the attachment of the company's profits from the previous quarter, further intensifying the stakes.
During the court proceedings, Maran's legal representative, Maninder Singh, conveyed that the outstanding debt owed by the airline and Singh now stands at Rs. 397 crore. He also highlighted that the submitted affidavit of assets and liabilities by the company and Singh did not adhere to the prescribed legal format.
In response, SpiceJet's defense, led by senior advocate Amit Sibal, underscored the airline's current challenges. These include unforeseen events like the pandemic and the grounding of Boeing 737 Max aircraft, which have impacted the company's financial stability. Sibal argued that initiating insolvency proceedings would not serve any parties' interests.
The court emphasized its focus on the prompt resolution of the dues to Maran, expressing its willingness to offer Singh and the company an additional opportunity to demonstrate their commitment to clearing the liabilities. As a result, the court mandated the payment of Rs. 100 crore by September 10, signaling the seriousness of the situation and the court's intent to facilitate a fair resolution.
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