The Delhi High Court has refused to give SpiceJet more time to deposit Rs 144 crore in the long-running arbitration enforcement dispute with Kalanithi Maran and KAL Airways, and declined to accept a Gurgaon property as security.
New Delhi: The Delhi High Court on Tuesday dismissed an application by SpiceJet and its chairman Ajay Singh seeking extension of time to deposit Rs 144 crore in the arbitration dispute with media baron Kalanithi Maran and KAL Airways, and refused to accept a property in Gurgaon as security for the balance [SpiceJet and Ajay Singh v. Kalanithi Maran and KAL Airways].
Justice Vinod Kumar heard the matter on October 13, 2026 and listed it next on November 3.
The undertaking
The deposit stems from a January 2026 order of the High Court directing SpiceJet and Singh to deposit the remaining Rs 144.51 crore within six weeks. A challenge to that direction was dismissed by the Supreme Court in February 2026. SpiceJet had then undertaken to deposit Rs 50 crore with the Registrar General within 45 days and to pay the Rs 94 crore balance within 90 days. It sought more time and Singh offered a property in Gurgaon as security for the Rs 94 crore balance.
What the Court said
The Court declined to accept the property as security because the Rs 50 crore had not first been deposited with the Registrar General as undertaken. It observed that it could have considered leniency on the time for the second instalment had the first part of the undertaking been complied with, but that even that part had not been complied with, and it dismissed the application.
The dispute
The dispute dates to 2015, when SpiceJet faced severe financial distress and Maran and KAL Airways, then holding a 58.46 per cent stake, agreed to transfer their shareholding to Singh for a nominal Rs 2. Disagreements over reciprocal obligations under the share sale and purchase agreement went to arbitration, and a July 2018 award directed SpiceJet and Singh to refund Rs 308.21 crore with 12 per cent annual interest. Both sides challenged the award, and enforcement ran alongside.
Why the order matters
The order shows the High Court tying any indulgence on payment timelines or security to compliance with the party’s own earlier undertaking. With the matter listed on November 3, the Rs 50 crore first instalment is now the immediate question.
Case Title: SpiceJet and Ajay Singh v. Kalanithi Maran and KAL Airways [case number not available]
Bench: Justice Vinod Kumar, Delhi High Court
Date of Order: October 13, 2026
Appearances: Senior Advocates Mukul Rohatgi and Amit Sibal for SpiceJet and Ajay Singh; Senior Advocate Jayant Mehta for KAL Airways and Kalanithi Maran