'No Question Of Amicable Settlement: Kal Airways

Further to the media reports of SpiceJet being "in talks" with Kal Airways for an amicable settlement with respect to the interest amount of Rs 386 crore as per a recent order by the apex court, Kal Airways in an official press statement has "strongly denied" such reports. It said, "...there is no question of an amicable settlement with SpiceJet in view of the matter having reached finality by virtue of the order dated July 7, 2023 of the Honourable Supreme Court of India."

In the statement, it said: "It has come to our knowledge that a statement purportedly issued by the spokesperson of SpiceJet has been circulating among certain sections of the media that SpiceJet is in talks with Kalanithi Maran and Kal Airways for an amicable settlement. We deny the same and state that there is no question of an amicable settlement with Spicelet..."

It further added: "We hope that SpiceJet will comply with the orders of the Honourable Supreme Court of India and pay us the interest amount of Rs 386 crore forthwith," said the statement issued by S.L. Narayan, Group CFO — Sun Group.

SpiceJet Responds: 

In a statement SpiceJet said "it remained committed to finding an amicable settlement in this matter."

Reacting to statement from the Sun Group, SpiceJet, in a statement said: "The payment of Rs 380 crore as directed to be paid by the Supreme Court in the matter relating to Kalanithi Maran and his firm KAL Airways is only a security deposit amount arising from execution proceedings. The final amount to be paid by either side will be determined by the Hon’ble High Court of Delhi in the proceeding pending under Section 34 of the Arbitration Act. Orders in this petition have been reserved on 18 April, 2023 and are awaited."

SpiceJet statement further added: "We would also like to clarify that SpiceJet had in May 2023 approached the Supreme Court seeking an extension for paying Rs 75 crore but the matter was only listed on July 7. The Hon’ble Courts’ proceedings and orders are held in the highest esteem by the company."

It further added: "In the larger interest, we remain committed to finding an amicable settlement in this matter.