Supreme Court Dismisses SpiceJet Challenge To ₹144.51 Crore Deposit Order In Dispute With Kalanithi Maran

Calling it “an abuse of the process,” the Supreme Court on Friday refused to interfere with a Delhi High Court order directing SpiceJet Limited and its Chairman Ajay Singh to deposit Rs 144,51,69,887 in their long-running arbitration dispute with former promoter Kalanithi Maran and Kal Airways Pvt. Ltd.

Dismissing the Special Leave Petitions with costs of Rs 1 lakh, the bench of Justice Pamidighantam Sri Narasimha and Justice Alok Aradhe observed,

“We are not inclined to interfere with the impugned judgment(s) and order(s) passed by the High Court as we are of the opinion that it is an abuse of the process.”

The dispute arises from a Share Sale and Purchase Agreement dated January 29, 2015, under which Maran and Kal Airways agreed to transfer their 58.46% shareholding in SpiceJet to Ajay Singh for a nominal consideration of Rs 2, coupled with a committed financial support package aggregating to Rs 450 crore, along with issuance of warrants, non-Convertible Redeemable Cumulative Preference Shares (CRPS), and release of personal guarantees.

A three-member arbitral tribunal, in its award dated July 20, 2018, directed payment of Rs 308,21,89,461 along with interest at 12% per annum from November 1, 2015. In a modified award dated September 20, 2018, the tribunal clarified that after adjusting a Rs 100 crore counterclaim allowed in favour of SpiceJet, the net payable amount stood at Rs 270,86,99,209, while retaining the 12% interest rate.

Challenges to the award under Section 34 of the Arbitration and Conciliation Act remain pending before the Delhi High Court.

During enforcement proceedings, SpiceJet admitted in its own application that Rs 194,51,69,887 towards interest was payable. Out of this, Rs 50 crore has been deposited pursuant to a direction dated February 5, 2024. The balance amount of Rs 144,51,69,887 remains outstanding.

Noting continued non-compliance with earlier Supreme Court directions and failure to file an affidavit of assets under Order XXI Rule 41(2) of the Code of Civil Procedure, Justice Subramonium Prasad observed:

“Orders passed by the Apex Court cannot be left in a limbo, more so for nearly three years after they have been passed.”

Rejecting the argument that enforcement must await final adjudication of the award challenge, the High Court directed SpiceJet and Ajay Singh to deposit Rs 144,51,69,887 within six weeks, clarifying that the amount would remain subject to the outcome of the pending Section 34 petitions.

The matter is listed for July 18, 2026, for final hearing.

For Petitioners (SpiceJet Limited): Senior Advocate Amit Sibal; Advocate-on-Record K.R. Sasiprabhu; Advocates Gotham Shivashankar, Chinmayi Chatterjee, Darpan Sachdeva, Vijay Valsan, Namrata Saraogi.

For Respondents (KAL Airways Pvt. Ltd. & Ors.): Senior Advocate Jayant Mehta; Advocates Nandini Gore, Sonia Nigam, Swati Bhardwaj, Akarsh Sharma, Mansvini Jain; M/s Karanjawala & Co., Advocate-on-Record.

Click here to Read Delhi High Court's Order dated 19.02.2026