Today’s Current Affairs: Delhi HC Overturns Order Directing SpiceJet to Refund ₹270 Crore to Kalanithi Maran
The Delhi High Court’s Division Bench recently set aside a previous order by a single judge directing SpiceJet to refund over ₹270 crore to Sun Group promoter Kalanithi Maran. Justices Yashwant Varma and Ravinder Dudeja allowed the appeal filed by SpiceJet and its Chairman and Managing Director (CMD) Ajay Singh, overturning the earlier decision.
The dispute between Maran and SpiceJet stems from a deal in 2015 where Ajay Singh repurchased the airline from Maran but allegedly failed to issue the agreed redeemable warrants to Maran. The arbitral tribunal later directed SpiceJet to refund the disputed amount to Maran. However, the Division Bench ruled in favor of SpiceJet, rejecting Maran’s claims for restitution of shares and damages.
This decision marks a significant development in the ongoing legal battle between Maran and SpiceJet, highlighting the intricacies involved in corporate transactions and the importance of honoring contractual obligations.
What was the recent decision of the Delhi High Court regarding SpiceJet and Kalanithi Maran?
- a) The court ordered SpiceJet to refund over ₹270 crore to Kalanithi Maran
- b) The court rejected SpiceJet’s appeal and upheld the arbitral tribunal’s award
- c) The court ordered Kalanithi Maran to refund money to SpiceJet
- d) The court set aside the single-judge’s order directing SpiceJet to refund money
Answer: b) The court rejected SpiceJet’s appeal and upheld the arbitral tribunal’s award
What was the decision made by the Division Bench of the Delhi High Court regarding SpiceJet and Kalanithi Maran?
The Division Bench set aside the order of the single-judge directing SpiceJet to refund over ₹270 crore to Kalanithi Maran.
Who were the Justices on the Division Bench that allowed the appeal filed by SpiceJet?
The Division Bench of Justices Yashwant Varma and Ravinder Dudeja allowed the appeal filed by SpiceJet.
What was the outcome of SpiceJet’s plea seeking a stay on the single-judge order upholding an arbitral tribunal award?
The Division Bench had earlier rejected SpiceJet’s plea seeking a stay on the single-judge order upholding an arbitral tribunal award directing the airline to refund over ₹270 crore.
What was the basis of the dispute between Kalanithi Maran and SpiceJet?
The dispute between Maran and SpiceJet stemmed from Maran’s claim that he did not receive redeemable warrants and preference shares as per a deal with Ajay Singh, resulting in damages claimed by Maran.
In today's current affairs, the Delhi High Court made a significant decision regarding the dispute between SpiceJet and Sun Group promoter Kalanithi Maran. A Division Bench of the High Court set aside an earlier order directing SpiceJet to refund over ₹270 crore to Maran. Justices Yashwant Varma and Ravinder Dudeja allowed the appeal filed by SpiceJet and its Chairman and Managing Director, Ajay Singh, against the single-judge's order. The dispute between Maran and SpiceJet stemmed from a share transfer deal in January 2015, with Maran claiming damages of nearly ₹1,323 crore. The arbitral tribunal had previously ordered SpiceJet to refund ₹270 crore to Maran. However, the Division Bench's decision today overturned that order, marking a significant development in the ongoing legal battle between the two parties. Senior Advocate Amit Sibal and advocate KR Sasiprabhu represented SpiceJet in this case.
