Ex-Owner Appeals to Recover $154M from SpiceJet in India
Kalanithi Maran, former owner of SpiceJet, and his investment firm KAL Airways have filed appeals with the Indian Supreme Court seeking to recover INR13.2 billion (USD154 million) from the airline. The appeals challenge a May 2025 Delhi High Court decision that dismissed their claims against the low-cost carrier.
The Supreme Court has scheduled the first hearings for July 18, 2025, under two separate but related cases: SLP(C) No. 017270 filed by KAL Airways and SLP(C) No. 017306 filed by Maran personally. Details of the arguments presented have not yet been made public.
Maran and KAL Airways held a 58.5% stake in SpiceJet from 2010 to 2015 before transferring ownership to current promoter Ajay Singh. As part of that transaction, Maran claims he paid for convertible warrants and preference shares that were never issued by the airline. This led to a protracted legal dispute.
In its ruling, the Delhi High Court found no merit in the claims and accused Maran and KAL Airways of refining their legal arguments in bad faith. The court described their approach as a “wilful concealment of facts” and “a calculated gamble” designed to mislead the judicial process.
Despite the setback, Maran continues to seek restitution through India’s highest court. SpiceJet, meanwhile, has not issued a new statement regarding the Supreme Court appeals. The outcome of the case could have significant financial implications for both parties amid ongoing challenges in India’s competitive airline market.
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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com