New Delhi [India], May 19 (ANI): The Supreme Court on Tuesday refused to interfere with the Delhi High Court's order rejecting SpiceJet's plea to substitute a Rs 144 crore deposit with immovable property in its dispute with former promoter Kalanithi Maran, while asking the airline to approach the High Court for appropriate relief regarding the payment schedule.

A Bench comprising P. S. Narasimha and Alok Aradhe observed that it was not inclined to interfere with the Delhi High Court's order but noted that the High Court may reconsider the issue afresh in light of recent developments, including the ongoing West Asia situation and the Centre-backed Emergency Credit Line Guarantee Scheme (ECLGS) for airlines.

During the hearing, SpiceJet submitted that the continuing crisis in West Asia was impacting the airline's operations and finances. The airline also referred to the ECLGS scheme while seeking relief in the payment schedule of the dues arising from the arbitral award.

The matter arises out of execution proceedings linked to an arbitral award in favour of Kal Airways Pvt Ltd. and Kalanithi Maran. The proceedings are being heard along with the challenge to the arbitral award filed by SpiceJet and its Chairman and Managing Director, Ajay Singh, under Section 34 of the Arbitration and Conciliation Act, 1996.

Earlier, the Supreme Court had dismissed SpiceJet's challenge to the Delhi High Court's January 19, 2026, order directing the airline to deposit Rs. 144 crore under the arbitral award. Thereafter, SpiceJet and Ajay Singh moved the High Court seeking permission to substitute the cash deposit with immovable property. The plea was rejected on March 18, 2026, and the review petition was also dismissed on May 4, 2026.

Senior Advocate Jayant Mehta appeared for the respondents/decree holders along with advocates from Karanjawala & Co, including Ms Nandini Gore, Ms Sonia Nigam, Akarsh Sharma and Arjun Singh Gautam. (ANI)