Thread by @LawBeatInd

#SupremeCourtOfIndia hears dispute between #spicejet and its former promoter, Kalanithi Maran.

Senior Advocate Mukul Rohatgi appears for Maran.
#SupremeCourtOfIndia

SC: What is payable to you exactly?
Sr Adv Rohatgi: I have paid 308 crores in cash...
#spicejet
#SupremeCourtOfIndia

SC inquires about the total claim.
#cjichandrachud: We can stay the interest claim at this stage. If you take the Bank guarantee of 270 crores, the principal amount will be settled in full..

Correction: Senior Advocate Rohatgi appears for #spicejet

CJI: Deposit 100 crores towards interest and we can consider after the Section 34 proceedings.
Rohatgi: Please make it 50, we have gone through a bad patch with Covid and all..
#SupremeCourtOfIndia
#spicejet

#cjichandrachud : We will say that #spicejet JDs will deposit 75 crores towards interest.

Court dictates order.
SC: Leave granted. The appeals arise from an order of September 2020 of Delhi HC. Pursuant to an application of Sec 9 of arbitration act, the HC directed SpiceJet to deposit 250 crores in cash and 359 crores by a bank guarantee.

SC: The arbitral award mandates that if the said amount was not paid, int would be levied.
On March 25, 2019, in the course of execution proceedings, an amount of 250 crores was released to the Maran.

SC: As a consequence of the above position, a total amount of Rs 308 crores has been received by Maran in cash and a Bank guarantee of Rs 270 crores is alive to secure the remainder of principal amount.
#spicejet

SC: As of date, Maran has received a total amount of Rs 308 crores. Principal amount due is 579 crores.
#spicejet

SC: Bank guarantee of 279 cores is there, which be enchased forthwith and paid to Maran immediately. Also, interest to the tune of 75 crores shall be paid, if not arbitral award will become executable.
#spicejet