SpiceJet Settlement Offer of Rs 600 Crore Rejected by Kalanithi Maran

Kalanithi Maran, a business tycoon and the former promoter of low-budget air carrier, SpiceJet, has rejected the Rs 600 crore settlement offer made by the company.

Highlights

  • Kalanithi Maran, a business tycoon and the former promoter of low-budget air carrier, SpiceJet, has rejected the Rs 600 crore settlement offer made by the company.
  • It was a one-time offer from SpicJet.
  • Maran’s counsel was unsatisfied with the offer as the dues on their were nearly Rs 900 crore which is way more than what is being offered for settlement.

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SpiceJet

Kalanithi Maran, a business tycoon and the former promoter of low-budget air carrier, SpiceJet, has rejected the Rs 600 crore settlement offer made by the company. It was a one-time settlement offer from SpiceJet. A Livemint report suggests that Maran’s counsel was unsatisfied with the offer as the dues on their were nearly Rs 900 crore which is way more than what is being offered for settlement.

"Out of the principal amount of ₹578 crore awarded in arbitration, SpiceJet has already paid ₹308 crore in cash and deposited a bank guarantee of ₹270 crore," SpiceJet said.

Chief justice N.V. Ramana will now hear the matter on merits on 2 March. It is interesting to note that the Supreme Court asked Maran to consider the offer made by SpiceJet once both the sides were done speaking.

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Tanay hails from Bilaspur, Chattisgarh and is a sports and fitness enthusiast. Reading and writing is something which comes to him out of love for the web of magic that words can create.

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