India’s Supreme Court Rejects SpiceJet Appeals by Maran

India’s Supreme Court has dismissed appeals filed by KAL Airways and its owner Kalanithi Maran in their INR13.2 billion (USD153 million) compensation case against SpiceJet. The ruling, delivered on July 23, 2025, by Justices Pamidighantam Sri Narasimha and Atul S Chandurkar, marks a decisive win for the low-cost airline.

The top court found that Maran had delayed his legal challenge to a 2023 arbitral award and described his actions as a “calculated gamble,” according to legal outlet Bar and Bench. SpiceJet emphasized in a July 24 stock exchange filing that Maran’s claims had been consistently rejected—first by the Arbitral Tribunal, then the Delhi High Court, and subsequently by its Division Bench.

“With this order, the appeals of KAL Airways and Kalanithi Maran have been finally dismissed,” said the airline. It added that the only remaining legal matters involve SpiceJet’s own appeal related to the interest levied—most of which it has already deposited—and the premature refund of Compulsorily Redeemable Preference Shares (CRPS) as ordered by the tribunal.

The dispute dates back to a 2015 agreement in which Maran transferred a 58.46% stake in SpiceJet and INR6.79 billion (USD79 million) in funds to current majority shareholder Ajay Singh. In return, Maran was to receive redeemable warrants and preference shares, which were never issued.

Though Maran has pursued legal action over the unfulfilled terms, his attempts to recover the claimed amount have largely failed across multiple judicial levels.

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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com