SpiceJet has categorically dismissed the ₹1,323 crore damages claim lodged by KAL Airways and Kalanithi Maran, describing it as baseless and legally untenable.
What Happened: SpiceJet said in a statement on Tuesday said it has rejected the damages claim made by KAL Airways and Kalanithi Maran. Spicejet has dismissed the claim as baseless and legally untenable.
The press release went on to explain that the damages claim had previously been turned down by an arbitral tribunal and the Delhi High Court. The claim was initially brought up during arbitration proceedings and was scrutinised and dismissed by a panel of three retired Supreme Court judges.
See Also: Adani Group Wants To Take On Amazon, PhonePe With Entry Into E-commerce, Payments: Report
After the initial rejection, KAL Airways and Kalanithi Maran took their case to the single-judge bench of the Delhi High Court, which also dismissed the claim. The matter was not pursued further in the appellate jurisdiction, thus attaining finality.
On May 17, the Division Bench of the Delhi High Court ruled in favour of SpiceJet and Ajay Singh. Following this victory, SpiceJet plans to pursue a refund of ₹450 crore, as outlined in a previous press release.
Read Next: LIC Shares Upbeat After Q4 As Brokerages Remain Bullish
Engineered by Benzinga Neuro, Edited by Ananthu CU
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.