New Delhi, Aug 16 : The Supreme Court on Tuesday said it would review the joint request for mediation between SpiceJet airlines, as well as the media baron Kalanithi Maran and his KAL Airways in negotiating a mutually acceptable settlement of all outstanding disputes, which includes the dispute over the transfer of shares.Senior lawyer Mukul Rohatgi, representing SpiceJet presented before a bench headed up by Chief Justice N.V.Ramana that both the petitioner and the respondents– Maran and KAL Airways — are seeking a an all-encompassing settlement that addresses three points that need thorough discussion in order to reach a settlement, which is the issue of the clearance of the loan and the release of the security value guaranteed and the due interest, as well as the compounding of the ongoing prosecution.
He advised the bench including justices J.K.Maheshwari and Hima Kohli, that the petitioner has already resolved one dispute of the clearing of the loan as well as release of the security with the City Union Bank and sought the court to allow four to six weeks to settle all the issues.Rohatgi pleaded with the court to review the case after four to six months to allow a settlement to be reached.
Senior attorney Vikas Singh, representing the holders of the decree suggested to the apex court the talks on settlement could be sent to the Hyderabad Mediation Centre for settlement.The bench inquired whether an arbitrator should be appointed, and both Singh and Rohatgi pleaded that the issue be referred to mediation.
“We will be watching,” the bench said.
Singh as well with Senior Advocate Maninder Singh with the assistance of advocates from Karanjawala & Co.appeared on behalf of the Kal Airways and Kalanithi Maran.
The court of appeals was hearing special leave petitions brought by SpiceJet Ltd.against KAL Airways and Kalanithi Maran (decree holders) contesting the order of September 2, 2019, which was passed by the High Court of Delhi whereby SpiceJet was ordered to pay the amount of 242.56 crore to ensure the decree holders to the amount of the interest that they are entitled to in an arbitral award.The supreme court stopped the effect of the high court’s decision and decree holders had filed an application for the revocation of the stay.
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