Key Points
Kalanithi Maran and KAL Airways are also seeking the execution of the arbitral award to secure a refund of Rs 353.50 crore in pending dues.. ...
KAL Airways and Kalanithi Maran announced on Monday that they will seek more than Rs 1,323 crore in damages from SpiceJet and its chief Ajay Singh, while also challenging the recent Delhi High Court order in their ongoing dispute, reported news agency PTI...
On May 17, a division bench of the court overturned a single judge bench's decision, which had upheld an arbitral award requiring SpiceJet and Singh to refund Rs 579 crore plus interest to Maran...
"In parallel, they are also seeking damages in excess of Rs 1,323 crore, as determined by FTI Consulting LLP, United Kingdom, a globally renowned firm that specialises in estimation of losses arising out of breach of contractual commitments," KAL Airways said in a statement on Monday.. KAL Airways emphasised that the claim for damages had initially been presented to the arbitral tribunal and "has always remained an integral part of their quest for justice."..
Maran and KAL Airways claimed to have paid SpiceJet Rs 679 crore for issuing warrants and preference shares, but Maran approached the Delhi High Court in 2017, alleging that SpiceJet neither issued the convertible warrants and preference shares nor returned the money...
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