• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Nation

Delhi HC Summons SpiceJet MD Ajay Singh Again

OMMCOM NEWS by OMMCOM NEWS
November 21, 2023
in Nation

New Delhi:  Low-cost airline SpiceJet on Monday told the Delhi High Court about potential insolvency risks if compelled to pay an additional Rs 100 crore to former promoter Kalanithi Maran.

The airline proposed settling the dues through an equity issuance instead.

During the hearing on Monday, the court expressed skepticism over SpiceJet’s insolvency claims, highlighting that such pleas are common among debtors. The court also noted that Maran could not be compelled to accept shares as a settlement.

Meanwhile, the court also summoned the airline’s Chairman and Managing Director Ajay Singh to be present in the court on the next hearing.

This isn’t the first summons for Singh in this case, earlier he was asked to appear before the court in August this year.

The case, revolving around the enforcement of a 2018 arbitral award directing SpiceJet to pay Rs 578 crore plus interest to Maran and KAL Airways, has been adjourned to January 10.

The matter was initially with Justice Yogesh Khanna but has now been transferred to Justice Manoj Kumar Ohri. SpiceJet has contested the arbitral award in the high court’s division bench, leading to an ongoing legal dispute.

Maran claims Rs 440 crore in interest, while SpiceJet maintains it has paid Rs 100 crore following a court directive in August, owing only Rs 194 crore more.

Senior lawyer Amit Sibal, representing SpiceJet, emphasised the airline’s financial distress, citing operational losses, a negative net worth, and employee obligations that could lead to insolvency.

Sibal urged the court to withhold judgement until the division bench rules on the arbitration dispute.

The court raised questions about SpiceJet’s contingency plan should the division bench uphold the arbitral award. Sibal attributed the airline’s financial challenges to the grounding of Boeing 737 Max aircraft, pandemic impacts, and fuel cost spikes due to the Ukraine conflict.

(IANS)

Tags: Delhi High CourtSpiceJet
ShareTweetSendSharePinShareSend
Previous Post

Puri Jagannath Temple Admin Appeals Elderly Devotees To Avoid Rush Hours

Next Post

La Liga Unveils New Official Ball For The Upcoming Matches Of The 2023/24 Season

Related Posts

Rape Case
Nation

IIM-Calcutta Student Alleges Rape In Hostel, One Detained

July 12, 2025
Nation

No Pilot Is Stupid To Play Around With Switches During Takeoff: Aviation Expert Mark Martin On AAIB Report

July 12, 2025
Nation

Every Indian Elated Over UNESCO Recognition Of Maratha Military Landscapes, Says PM Modi

July 12, 2025
Nation

Delhi Building Collapse: People Had Noticed Some Issues Earlier, Says Resident

July 12, 2025
Drowning
Nation

Tamil Nadu: Three School Children Drown In Pond Near Thanjavur

July 12, 2025
Nation

Shubhanshu Shukla In Good Health, Likely To Reach Earth On July 15: ISRO

July 12, 2025
Next Post
Orbita Yellow Ball

La Liga Unveils New Official Ball For The Upcoming Matches Of The 2023/24 Season

Singer Shakira

Shakira Avoids Jail As She Settles Tax Evasion

global temperatures

Nations Must Go Further Than Current Paris Pledges Or Face Global Warming

khimji
TPCODL
OMC
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.