SpiceJet secured a significant victory as the Delhi High Court’s division bench overturned a previous ruling, relieving the airline of a refund obligation to former promoter Kalanithi Maran. The ruling, which directed SpiceJet to refund over Rs 270 crore, was overturned, prompting a 5.5% surge in SpiceJet’s shares. The decision, following appeals by SpiceJet and its managing director Ajay Singh, marks a crucial turn in the legal battle. The dispute centered on the tribunal’s directive for SpiceJet to pay 18% interest, a challenge contested by SpiceJet and Singh’s legal counsel.
Delhi High Court Overturns Ruling, Grants Relief to SpiceJet in Maran Dispute
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