SpiceJet Wins $155M Court Battle Against Former Investor Maran

SpiceJet has won a major legal battle after the Delhi High Court dismissed an INR13.23 billion (USD155 million) damages claim filed by former investor Kalanithi Maran and his firm KAL Airways. Court records confirm the case was resolved on May 23, 2025, marking a significant legal victory for the airline.

The long-running dispute dates back to a 2015 agreement in which Maran transferred a 58.46% stake in SpiceJet to current promoter Ajay Singh, along with INR6.79 billion (USD79.5 million) in investment funds. In return, Maran was promised redeemable warrants and preference shares—none of which were ever issued. Maran began legal proceedings in 2016, demanding the return of his investment plus interest and damages.

Despite a previous Delhi High Court ruling and an arbitration panel decision against him, Maran pursued an appeal. However, the latest ruling criticized Maran’s legal tactics and lack of transparency. According to the Economic Times, the bench described the case as “a classic example of fence-sitting,” accusing Maran of deliberately keeping the court and respondents in the dark and of engaging in delaying tactics that lacked credibility.

SpiceJet acknowledged the ruling in a May 26 filing with the Bombay Stock Exchange, stating that Maran’s claims were “studied and thoroughly rejected.”

Maran, who acquired a majority stake in SpiceJet in 2010, exited in 2015 amid the airline’s financial troubles. Singh took over the carrier for just INR2 (USD0.02) but assumed INR15 billion (USD176 million) in liabilities. Maran has yet to confirm whether he will appeal the latest decision.

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