"Delhi High Court Justice Yogesh Khanna has directed Indian budget airline SpiceJet to pay ₹380 crore (approximately $51 million) to Kalanithi Maran, the Chairman of Sun Group and former promoter of the airline. The court order came after Maran claimed that SpiceJet was violating a previous decision of the court, which was upheld by the Supreme Court, regarding a share transfer dispute between the two parties." 

Maran initially approached the Delhi High Court in October 2020, seeking attachment of the shareholding of SpiceJet promoter Ajay Singh after the airline failed to deposit ₹243 crore (approximately $33 million) in his favor. The court allowed Maran's plea and directed the amount to be deposited within three weeks. SpiceJet's application to modify the order was rejected.

The Supreme Court, on appeal, directed the immediate encashment of the bank guarantee and payment of the proceeds directly to Maran. Additionally, the airline was ordered to pay ₹75 crore (approximately $10 million) within three months for interest liability.

During the recent hearing, Maran's counsel argued that the ₹75 crore had not been deposited, and the interest liability had increased from ₹362 crore to ₹380 crore. SpiceJet claimed that it had sought an extension of three months from the Supreme Court to pay the remaining amount, but Maran disputed this.

Considering the arguments, the High Court directed SpiceJet to deposit the entire outstanding amount and file an affidavit of assets within four weeks. The case will be heard again on September 5.

The share transfer dispute between Maran and SpiceJet originated from a 2015 sale purchase agreement that led to a change in ownership of the airline from Maran to co-founder Ajay Singh.

According to the agreement, Maran transferred his 58.46% stake in the airline, and in return, he was supposed to receive stock warrants and Convertible Redeemable Preference Shares from SpiceJet. However, the airline failed to issue the warrants or allot the preference shares, prompting Maran to file a lawsuit to enforce the terms of the agreement.