SpiceJet files review plea to submit title deed instead of cash in Maran case
This story was originally published at 19:43 IST on 7 April 2026
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NEW DELHI – SpiceJet Ltd. and its co-founder Ajay Singh Tuesday filed review petitions in the Delhi High Court against its Mar. 18 order rejecting the petitioners' offer to submit a title deed of an immovable property instead of depositing INR 1.45 billion in an arbitration dispute with Sun Group Founder Kalanithi Maran and KAL Airways Pvt. Ltd. Justice Subramonium Prasad remarked, "The fact that you (petitioners) have moved the (review) application is not a passport for not complying with the order (of deposit)." The court will hear SpiceJet and Singh's pleas on Apr. 13.
The petitioners said that SpiceJet operates over 135 daily flights carrying over 21,000 passengers and supports over 6,400 employees, in addition to generating substantial indirect employment across ground handling, maintenance, airport services, and allied sectors. If a cash deposit is directed at this stage, the operations of the airline will be put in jeopardy, said the petitioners.
The airline had sought that if the high court declines any relief, the petitioner should be given another 12 weeks to sell the immovable property at Udyog Vihar, Gurugram, Haryana. The petitioners said that the immovable property was an unencumbered property.
Hostilities in West Asia continue and the advisory by the Directorate General of Civil Aviation to all Indian aviation operators to avoid and refrain from operating in these zones has been extended till Apr. 11, the petitioners said. This has resulted in continuous operational and financial stress not only for the airline but for the entire aviation sector, said the petitioners.
The case dates back to February 2015 when Maran and KAL Airways transferred their entire 58.46% stake in SpiceJet to co-founder Ajay Singh. Maran later moved the high court accusing SpiceJet and Singh of breaching their agreement by failing to issue him 189 million share warrants and preference shares. KAL Airways is controlled by Maran. After a dispute between the parties, the issue was referred to an arbitral tribunal by the high court.
In 2018, an arbitral tribunal had rejected Maran and KAL Airways' claim of damages worth INR 13.23 billion against SpiceJet for not issuing warrants to the petitioners. However, the arbitral tribunal awarded a refund of INR 5.79 billion with interest to be payable by SpiceJet to Maran and KAL Airways. Thereafter, both the parties moved the Delhi High Court's single-judge bench, which upheld the award in 2023. When the case reached the division bench, the latter found merit in SpiceJet's contention and remanded the matter back to the single-judge bench for fresh consideration.
In January, the high court had said that in 2023, the top court had asked SpiceJet to encash its bank guarantee and pay it to Maran and KAL Airways against the principal sum on a 2018 arbitral award and INR 750 million for the remaining interest. However, SpiceJet had failed to fulfil its obligations even after three years of the top court's order, the high court had said. Upholding the high court's order, the apex court questioned SpiceJet how it will justify not paying the amount ordered by it. The bench of Justice P.S. Narasimha and Justice Alok Aradhe further directed SpiceJet to pay a fine of INR 100,000 for filing the current appeal and not paying the previously ordered amount.
Shares of SpiceJet closed flat at INR 10.61 on the BSE on Tuesday. End
Reported by Surya Tripathi
Edited by Deepshikha Bhardwaj
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