Above: A SpiceJet aircraft. Photo: Wikimedia.org

The Delhi High Court bench of Justices S Ravindra Bhat and Yogesh Khannaon on Monday (July 3) dismissed an appeal by budget airline SpiceJet and its promoter Ajay Singh against the order of a single judge bench which had asked Singh to deposit Rs 579 crore in connection with the share transfer dispute with KAL Airways.

The case relates to a dispute arising out of non-issuance of warrants by SpiceJet in favour of Kalanithi Maran, the owner of KAL Airways. KAL had made the payment for transfer of shares, but the shares remained to be issued by Singh.

In dismissing the plea, however, the court has made it easy for SpiceJet to pay.

The court directed SpiceJet to deposit the amount in two tranches: Rs 350 crore in cash by August 31 and the rest (Rs 229 crore) as bank guarantee, by July 31.

—India Legal Bureau