SpiceJet Confident of INR 449 Crore Refund Despite INR 144 Crore Security Deposit Order

SpiceJet Ltd has been ordered by the Supreme Court of India to provide a security deposit of INR 144 Crore to the court pending hearing on the company's claims. This order is in relation to a share transfer agreement involving SpiceJet, its promoter Ajay Singh, KAL Airways and Kalanithi Maran. SpiceJet has already paid a total of INR 730 Crore to Kalanithi Maran and KAL Airways, including the entire principal amount of INR 580 Crore and INR 150 Crore towards interest. The remaining amount, as directed by the court, will be deposited in court in accordance with the arbitration process. SpiceJet remains confident of receiving a potential refund of INR 449 Crore on the culmination of this legal process. The company assures all stakeholders that this development has no impact on its day-to-day operations.