Kalanithi Maran seeks 50% of SpiceJet’s daily revenue

New Delhi

The Delhi High Court on Wednesday allowed Kal Airway's and its promoter Kalanithi Maran's application seeking 50 per cent of the daily revenue collection of low-cost airline SpiceJet Ltd to be paid to them on a weekly basis.

While Justice Yogesh Khanna issued notice to the airline and its Chairman and Director (CMD) Ajay Singh, he mandated the latter's presence on the next date of hearing, which has now been set to August 24 from September 5.

Considering the willful default and lackadaisical attitude of SpiceJet and Singh, the judge reiterated his July 24 order and advanced the hearing.

The court directed the airline and CMD to file an affidavit disclosing their assets and their revenue collection within one weeks' time.

During the hearing, Senior Advocate Maninder Singh submitted that in view of the willful defaults at every stage and laid back attitude it is just and fair that the Spicejet and Singh should deposit 393 crores Approx. and file their affidavit of assets before the next date of hearing. The counsel sought directions from the court for his client that the 50 per cent of the daily revenue collected by the judgement debtors be paid to decree holders -- Kal Airways and Kalanithi Msran -- on weekly basis, the affidavit of disclosure of assets be filed at the earliest, the statement of accounts be filed within one day in court and the main prayer i.e. entire arbitral awarded amount be paid to the decree holders.