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Synopsis

Senior Advocate Mukul Rohatgi, appearing for SpiceJet, today informed a bench of the Supreme Court headed by Chief Justice of India Justice NV Ramana that SpiceJet and Kalanithi Maran are attempting a settlement in the case pertaining to the dispute over the share transfer.

The Delhi High Court, by its order dated September 2, 2020, directed Spicejet to deposit Rs. 242,93,70,845.56 to secure the decree holders to the extent of interest granted to them under an arbitral award in a dispute with Kalanithi Maran and Kal Airways. SpiceJet challenged the order of the Delhi High Court.

The Supreme Court stayed the operation of the Delhi High Court's order. Thereafter, Kalanithi filed an application seeking vacation of the stay.

Earlier, the bench directed the counsels to seek instruction from the parties with regard to agreeing on either of the options.

Mukul Rohatgi, Sr. Adv, today submitted that both the Petitioner and Respondents are attempting for comprehensive settlement which includes three issues that require detailed discussion for the settlement, namely, the issue of clearance of the loan and release of the security amount ensured, the interest due and the compounding of the ongoing prosecution. It is to be noted that SpiceJet has already settled one dispute regarding clearance of the loan and release of the security amount with the City Union Bank. Rohatgi thus requested the Court to list the matter after four to six weeks so that a settlement can be reached.

Vikas Singh, Sr.Adv, appearing for Maran suggested the court that the settlement talks could be referred to the Hyderabad Mediation Centre. Court enquired if an arbitrator should be appointed, to which both Singh and Rohatgi requested that the matter should instead be submitted for mediation. 
 
Court, on hearing the parties, asked the parties to try and settle the matter through mediation and stated that the details of the Mediation Centre and the mediator would be indicated in the order.

Vikas Singh, Sr. Adv. and Maninder Singh, Sr. Adv, who appeared for Kalanith Maran were instructed by Nandini Gore- Senior Partner, Sonia Nigam,  Ramya Khanna & Mr. Yash Dubey advocates from Karanjawala & Co.

Case title: SpiceJet Vs Kalanithi Maran