The <keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword> stock slipped 6% in trade by Tuesday noon after the the <keyword id="6355014" type="General" weightage="20" keywordseo="Delhi-High-Court" source="Orion">Delhi High Court</keyword> yesterday ordered the low-cost airline and its Chairman and Managing Director (CMD) <keyword id="6357826" type="General" weightage="50" keywordseo="ajay-singh" source="Orion">Ajay Singh</keyword> to pay the remaining amount toward a Rs 100 crore arbitral award to Kal Airways' promoter <keyword id="144015" type="General" weightage="60" keywordseo="Kalanithi-Maran" source="Orion">Kalanithi Maran</keyword>. On August 24, the court had asked SpiceJet and Singh to pay Rs 100 crore to Maran by September 10, failing which the court had said it might consider the attachment of their properties. "SpiceJet Ltd. has made a payment of Rs 77.5 crore to Kalanithi Maran and will complete the payment of Rs 100 crores tomorrow by paying Rs 22.5 crore tomorrow as per the directions of the Delhi High Court," said the SpiceJet spokesperson. "SpiceJet acknowledges the legal process and is committed to complying with all court directives and obligations in the Credit Suisse case and will make the payment of $1.5 million as per the court directive. Till date, SpiceJet has already paid a total of $8 million to Credit Suisse," said the spokesperson. On Monday, Singh's lawyer told the court they had paid Maran Rs 62.5 crore and were carrying a cheque for Rs 37.5 crore in his name. However, counsel for Maran argued that they had time from August 24 to date to make the payment but they have delayed it. The court then asked Singh and the airline to pay the remaining amount by the end of the day or by September 12, and listed the case for hearing next on October 3. During the last hearing, senior advocate Maninder Singh for Maran and Kal had submitted that the judgement debtor -- SpiceJet and CMD -- had to file the affidavit of assets and weekly collection within one week which they have failed to file on time and the same has not been filed in a format mandated by this court. On August 9, the court had issued notice on Kal Airways and Maran's application seeking 50 per cent of the daily revenue collection of SpiceJet to be paid to them on a weekly basis. Singh had then submitted that the order dated February 13 and July 7, passed by the Supreme Court is pre-emptive, conditional and self-operative which has not been complied with till date. Additionally, he submitted that the affidavit filed by the CMD has been filed under sealed cover which has not been served to the decree holders -- Kal Airways and Maran. On the other hand, senior advocate Amit Sibal submitted that the amount calculated by them stood upto Rs 279 crore and not Rs 397 crore as argued by advocate Singh. He further made an offer to deposit Rs 75 crore within 10 days to which advocate Singh objected and said that they had to pay this amount in April but has not paid till date. "The court in consultation and with the consent of SpiceJet directed the company to pay Rs 100 crore by September 10, 2023. SpiceJet will honour this court's order and make the specified payment within the prescribed time frame," SpiceJet spokesperson said. On August 9, as Justice Yogesh Khanna directed the airline and the CMD to file an affidavit disclosing their assets and their revenue collection within one weeks' time, he had mandated Singh's presence on the next date of hearing. Considering the willful default and lackadaisical attitude of SpiceJet and Singh, the judge had reiterated his July 24 order and advanced the hearing. Singh had 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 Rs 393 crore 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 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. On the other hand, Senior Advocate Sandeep Sethi had admitted that the orders have not been complied with by Spicejet. However, he had said that this is a fresh application listed on Wednesday and submitted that since the matter is already directed to be listed on September 5, the matter may be heard on that date as the judgment debtor is bound by court orders. He had also argued that there is no reason for allowing early hearing at this stage. To which, the judge had then observed that the decree holder is not left with any other option but to move an early hearing application as the judgement debtor is not complying with the orders passed by the courts and the judgement debtor should have filed its affidavit of disclosure of assets till date. On July 24, the high court issued notice to SpiceJet and Singh seeking urgent hearing of its enforcement petition in a case where the former is to pay approximately Rs 390 crore to it towards its interest liability under the arbitral award. Allowing the application, Justice Khanna had directed SpiceJet and its CMD to file an affidavit disclosing all their assets before the next date of hearing, September 5, and also mandated the physical presence of Singh before it.

SpiceJet slides after Delhi HC orders it to complete payment to Kalanithi Maran

New Delhi, Sep 14 (IANS) The Supreme Court has issued a stern warning to <keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword> Chairman and Managing Director (CMD), <keyword id="6357826" type="General" weightage="80" keywordseo="ajay-singh" source="Orion">Ajay Singh</keyword>, for default in making the due payments to global investment bank and financial services firm <keyword id="496107" type="General" weightage="80" keywordseo="credit-suisse-ag" source="Orion">Credit Suisse AG</keyword>. A bench comprising of Justice <keyword id="177282" type="General" weightage="50" keywordseo="vikram-nath" source="Orion">Vikram Nath</keyword> and Justice Ahsanuddin Amanullah ordered the low-cost airline to deposit the monthly installment of $500,000 by September 15 along with an additional $1 million out of the defaulted amount. Last year, the top court had withdrawn the airlines from liquidation after SpiceJet promised to pay $500,000 to Credit Suisse AG every month. As per the settlement entered into between the parties in May last year, which was endorsed by the top court, SpiceJet is required to pay this amount of $500,000 by the 15th of each month. During the hearing on September 11, SpiceJet sought time to file its response indicating the way forward. However, the Supreme Court asked Ajay Singh to file proof of deposit of the installment, due on September 15, 2023, and also for an additional $1 million out of the defaulted amount before September 22. "Though as of now more than $6.5 million has to be deposited, but only a little over $2 million has been deposited," had noted the Supreme Court in its order passed on August 14 while issuing the contempt notice. SpiceJet claims that it owes an outstanding arrear of $4 million to Credit Suisse AG. However, Credit Suisse AG claims this outstanding amount is $4.5 million. The Supreme Court directed SpiceJet CMD Singh and Secretary Chandan San to again remain present in the court on September 22, the next date of hearing. Further orders will be passed on the said date taking into consideration the status of compliance, it added. Recently on September 12, SpiceJet has paid Rs 100 crore to Kal Airways promoter <keyword id="144015" type="General" weightage="50" keywordseo="kalanithi-maran" source="Orion">Kalanithi Maran</keyword>, as part of a Rs 380 crore arbitral award order, following a directive from the Delhi High Court, instructing the airline to fulfill the payment obligation.

SC warns SpiceJet CMD Ajay Singh for making default in payment of Credit Suisse AG

<keyword id="144015" type="General" weightage="50" keywordseo="kalanithi-maran" source="Orion">Kalanithi Maran</keyword> and <keyword id="169847" type="General" weightage="50" keywordseo="kal-airways" source="Orion">KAL Airways</keyword> on Thursday reiterated before the Supreme Court that <keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword>'s offer of Rs 300 crore towards full and final settlement of share transfer dispute was not acceptable, noting that as per the arbitral award, it has to pay Rs 995 crore. Senior advocate <keyword id="276004" type="General" weightage="50" keywordseo="dushyant-dave" source="Orion">Dushyant Dave</keyword>, representing KAL Airways, submitted before a bench headed by Chief Justice N.V. Ramana that it is not possible for his clients to consider the offer proposed by SpiceJet. Dave and senior advocate Maninder Singh were assisted by a team of advocates from Karanjawala &amp; Co. The bench, also comprising Justices Krishna Murari and Hima Kohli, queried SpiceJet's counsel as to why the company was not paying the money to the decree holder to settle the matter. Senior advocate <keyword id="195903" type="General" weightage="50" keywordseo="mukul-rohatgi" source="Orion">Mukul Rohatgi</keyword>, representing SpiceJet, proposed an offer stating that his client is willing to give Rs 300 crore towards full and final settlement of the dispute and the matter finally gets settled with no further litigation. He added that out of the bank guarantee of Rs 270 crore deposited with the high court, SpiceJet will give Rs 100 crore for now and the order will be passed by the top court to hear Section 34 petitions which are pending before the Delhi High Court expeditiously. As Rohatgi reiterated that his client is ready to pay Rs 300 crore, Dave replied that the petitioner being such a prominent airline and is doing this, rather they should comply with the award and pay off their dues. Rohatgi added that the airline is running into losses for the last two years due to the pandemic and it is unable to pay the interest. To this, Dave said that the current market capital of SpiceJet is over Rs 3,000 crore and the amount of Rs 300 crore and Rs 270 crore comprises the money given by the decree holder to the SpiceJet, and even that has yet not come back to the decree holder. Dave emphasised that, as of date, the award amount is Rs 995 crore and offer of mere Rs 300 crore by SpiceJet is unacceptable. The bench asked SpiceJet to consider paying the interest component and try to settle the matter. Scheduling the matter for further hearing on April 12, it asked SpiceJet's counsel to revert with the instructions if his client can pay the full and final settlement proposed by the decree holder. The top court also asked both the parties to come to a conclusion on the next date of hearing. The matter was listed on Thursday before the top court for arguments by Kal Airways and for consideration of the counteroffer by SpiceJet. The top court was hearing special leave petitions filed by the <keyword id="158803" type="General" weightage="50" keywordseo="spicejet-ltd" source="Orion">SpiceJet Ltd</keyword> against KAL Airways and Kalanithi Maran (decree holders), challenging the Delhi High Court, passed on September 2, 2020, which directed SpiceJet to deposit Rs 242,93,70,845.56/- to secure the decree holders to the extent of interest granted to them under an arbitral award. The top court stayed the operation of this order. The decree holders had filed an application seeking vacation of the stay which was listed before top court for consideration on February 10,2022, wherein the court had directed the counsel for KAL Airways to consider the offer for settlement proposed by counsel for SpiceJet. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/axis-bank-may-soon-become-the-third-largest-credit-card-player-after-hdfc-bank-and-sbi-post-the-citibank-deal/articleshow/90563751.cms">Axis Bank may soon become the third largest credit card player after HDFC Bank and SBI post the Citibank deal</a> <a href="https://www.businessinsider.in/business/news/mukesh-ambani-and-gautam-adanis-net-worth-is-now-more-than-100-billion/articleshow/90564692.cms">Mukesh Ambani and Gautam Adani are now worth more than $100 billion</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-lost-over-9-million-subscribers-in-january-but-that-is-a-good-thing/articleshow/90557442.cms">Reliance Jio lost over 9 million subscribers in January, but that is a good thing – here’s why</a>

KAL Airways rejects SpiceJet's 300 crore settlement offer

<keyword id="144015" type="General" weightage="20" keywordseo="kalanithi-maran" source="Orion">Kalanithi Maran</keyword> and <keyword id="169847" type="General" weightage="20" keywordseo="kal-airways" source="Orion">KAL Airways</keyword> informed the Supreme Court on Monday that <keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword>'s offer of ₹600 crore towards full and final settlement of the share transfer dispute was not acceptable. Senior advocate Maninder Singh, representing KAL Airways, submitted before a bench headed by Chief Justice N.V. Ramana that it was not possible for his clients to consider the offer proposed by SpiceJet airlines. The bench, also comprising Justices A.S. Bopanna and Hima Kohli, inquired further whether none of the two offers proposed by SpiceJet was acceptable. Singh replied in the negative and added that as per the arbitral award SpiceJet has to pay them ₹920 crore. Singh also submitted that he could take the court through the calculations as per the arbitral award from the pleadings itself in support of the arguments. He also submitted that the matter may be listed for arguments on the next date of hearing. Senior advocate Mukul Rohatgi, representing SpiceJet airlines, urged the bench to hear the matter within 2 weeks. Singh was assisted by advocates from Karanjawala &amp; Co. After hearing arguments, the top court has scheduled the matter for further hearing on March 2. On February 10, the Supreme Court asked Kalanithi <keyword id="44006" type="General" weightage="80" keywordseo="maran" source="Orion">Maran</keyword>, the former promoter of SpiceJet, to consider the full and final settlement offer made by SpiceJet to end the dispute in a share transfer matter. In a statement SpiceJet, after the hearing in the top court, said: "SpiceJet has offered to pay ₹600 crore in cash in the share transfer case with its former promoter Kalanithi Maran and his firm KAL Airways for a full and final settlement of all disputes. Out of the principal amount of ₹578 crore awarded in arbitration, SpiceJet has already paid ₹308 crore in cash and deposited a bank guarantee of ₹270 crore." SpiceJet's counsel had proposed to pay the bank guarantee equivalent amount of ₹270 crore in cash and top it up with additional ₹22 crore aggregating the total pay-out to ₹600 crore as full and final settlement of all disputes between the parties. Maran and his firm, KAL Airways, had urged the top court to lift the stay on a Delhi High Court order asking the low-cost airline to deposit ₹243 crore as interest on the amount of ₹579 crore in the dispute. In November 2020, the top court stayed the high court order. Maran sought the stay to be lifted to secure the decreed amount -- refund amount awarded and interest -- from SpiceJet. Singh had argued that the high court had asked them to pay the decretal amount and against which SpiceJet had deposited only ₹270 crore as bank guarantee and now there is a winding up order passed against SpiceJet by the Madras High Court in another case being Credit Suisse AG Vs SpiceJet. He added that in such a change in circumstance, SpiceJet should be directed to pay and deposit ₹242 crore otherwise his client will have to run from pillar to post. Karanjawala &amp; Co. in a statement said the top court proposed two offers to Maran and KAL Airways that SpiceJet will give ₹300 crore towards full and final settlement of the dispute and the matter finally gets settled and no further litigation. Second, out of the bank guarantee of ₹270 crore deposited with HC, SpiceJet will give ₹100 crore for now and the order will be passed by the top court to hear petitions, which are pending before the high court expeditiously. The top court asked Singh to discuss the settlement with his client. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sbi-and-icici-bank-lost-over-10000-crore-to-abg-shipyard-bank-fraud/articleshow/89559899.cms">SBI and ICICI Bank investors pay the price for the nearly ₹10,000 crore lost to the biggest bank fraud ever in India</a>

Kalanithi Maran and KAL Airways reject SpiceJet's ₹600 crore settlement offer

<ul><li>At 7:40 am, the SGX Nifty was up 0.30%, indicating a positive start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to open in green on Monday, led by positive cues from the global markets. At 7:40 am, the SGX Nifty was up 0.30%, indicating a positive start for Nifty50. On Monday, the US stocks ended in positive territory as the head of the White House’s Operation Warp Speed said some Americans would be able to receive coronavirus vaccinations by mid-December. The Dow Jones Industrial Average closed 327 points higher, and the S&amp;P 500 was up 0.56%. These are the stocks to watch out for during the trading session today: Oil, paint, aviation stocks in focus Oil, paint and aviation stocks will be in focus during the trade as the<a href="https://www.businessinsider.in/stock-market/news/oil-jumps-to-highest-since-early-september-on-latest-sign-of-vaccine-progress/articleshow/79372419.cms"> crude oil prices </a>continue to rise. Crude oil climbed to its highest price since September 1 on Monday after AstraZeneca announced an encouraging update to the development of its coronavirus vaccine. Crude oil is a key component for manufacturing of paint and turbine fuel. Watch out for the likes of BPCL, HPCL, IOC, Asian Paints, Berger Paints, IndiGo, and others in these sectors. SpiceJet SpiceHealth, a company founded by SpiceJet promoters, has launched a budget Covid test. The company will conduct the Real-Time Polymerase Chain Reaction (RT-PCR) test for COVID-19 starting at ₹499. This will drastically reduce the price of the RT-PCR test which ordinally costs ₹3500. The shares of SpiceJet ended 3% lower on Monday. Ingersoll Rand India The promoter Ingersoll Rand Inc will sell up to 4.52% stake through an Offer for Sale (OFS) at a floor price of ₹578.6/share. The offer opens for non-retail investors today and tomorrow for retail investors. The shares of Ingersoll Rand India ended 3% higher on Monday. Coal India Four trade unions have served a one-day strike notice to the company and its arms on November 26; the company informed investors. Efforts would be made to avert the strike and conciliatory process is going on, it said, without giving out further details. Also, Coal India has raised non-coking coal prices by ₹10 per ton for regulated and non-regulated sectors The shares of Coal India ended 1% higher on Monday. GHCL The stock exchanges have given a no-objection letter for the demerger of the company’s textile business into GHCL Textiles. The shares of GHCL ended 2% higher on Monday. Muthoot Finance Gold loan NBFC Muthoot Finance has tied up with Bajaj Allianz General Insurance to provide insurance on gold jewellery as part of their new initiative - “Muthoot Gold Shield”, which is backed and powered by insurer’s Group Affinity All Risk policy. The policy is designed to provide insurance coverage of gold jewellery articles for customers of the company at the time of closure of a gold loan and the release of gold ornaments. The shares of Muthoot Finance ended 3% lower on Monday. PVR Gemasia has acquired 4.25 lakh shares or 0.77% stake in PVR at ₹1,265.67 per share. The shares of PVR ended 4% higher on Monday. GMR Infra A step-down subsidiary of GMR Infra, GMR Kamalanga Energy is required to pay claims of ₹1,005 crore to SEPCO Electric Power Construction Corporation towards project payments, prolongation costs, as confirmed by the arbitration tribunal. The shares of GMR Infra ended 6% higher on Monday. Jubilant Industries Jubilant Industries to transfer its liquor license and will not manufacture India Made Foreign Liquor hereon. The shares of Jubilant Industries ended 10% higher on Monday. Trigyn Technologies Trigyn Technologies has extended its contract with the United Nations for the provision of I.T. staffing support service till December 2021. The shares of Trigyn Technologies ended 10% higher on Monday. SEE ALSO: <a href="https://www.businessinsider.in/politics/world/news/biden-will-pick-former-federal-reserve-chair-janet-yellen-to-head-the-treasury-department/articleshow/79378968.cms" data-type="tilCustomLink">Biden will pick former Federal Reserve Chair Janet Yellen to head the Treasury Department</a> <a href="https://www.businessinsider.in/politics/world/news/boris-johnson-to-relax-the-national-coronavirus-lockdown-and-allow-households-to-celebrate-together-over-christmas/articleshow/79368293.cms" data-type="tilCustomLink">Boris Johnson relaxes the national coronavirus lockdown and says families can meet to celebrate Christmas</a>

Top stocks to watch — BPCL, IndiGo, Asian Paints, SpiceJet, Coal India, PVR, GMR Infra, Ingersoll Rand, and others

New Delhi/Mumbai, At least 50 requests to take back as many leased planes from two Indian airlines in less than two weeks. Petitions from lessors seeking to enforce rights under international norms and concerns over a possible spike in the risk premium for leasing aircraft for domestic carriers. Cash-strapped <keyword id="11252024" type="General" weightage="20" keywordseo="go-first" source="Orion">Go First</keyword> being admitted for insolvency resolution proceedings on a voluntary plea and subsequent moratorium has left a trail of concerns and uncertainties for aircraft lessors with respect to India, the world's third-largest aviation market. Currently, Indian carriers have around 700 planes and some of them, including Air India, are expanding their fleet. Most of the commercial aircraft in the country are operated through the sale and lease-back model, and there are concerns that developments related to Go First could push leasing costs higher. Indian carriers are projected to require more than 2,200 aircraft in the next 20 years. Advisory firm Primus Partners' Co-Founder &amp; CEO, Public Policy Realisation, Nilaya Varma said the perception of India as a high-risk jurisdiction could translate into higher risk premiums to other local airlines. "This means higher lease rentals for domestic carries and increase in the cost of doing business implying higher costs being passed onto passengers in the form of high-ticket prices, thereby making it more difficult for Indian airlines to compete with their international counterparts," Varma noted. Regional airline Star Air's CEO Simran Singh Tiwana said the NCLT (National Company Law Tribunal) ruling in favour of Go First may not be very pleasing for the lessors and that is the challenge Indian aviation could face at the international level. "Some ruling will hurt some lessors... those concerns will be voiced (by them)". A senior aviation industry executive said that lessors might think that airline companies in India could make their life miserable by going to court. There is also the possibility of more lessors putting in requests for deregistration of planes leased to some other airline thinking that they get stuck in litigation, the executive said on the condition of anonymity. So far this month, lessors have approached the Directorate General of Civil Aviation (DGCA) for deregistration of 45 Go First planes and five SpiceJet planes under the Cape Town Convention. Under the Cape Town Convention (CTC), if a lessor has invoked the Irrevocable De-registration and Export Request Authorisation (IDERA), then the plane concerned has to be deregistered. The same has to be done in five working days but due to the NCLT imposing moratorium under insolvency proceedings, lessors cannot take back Go First planes at least for now. Citing that the <keyword id="17305212" type="General" weightage="20" keywordseo="go-first-insolvency" source="Orion">Go First insolvency</keyword> proceedings are a material development that implicates CTC compliance in India, the Aviation Working Group (AWG) has put the country on the watchlist with a negative outlook. "The DGCA's failure to process IDERA deregistration applications for aircraft whose leases were terminated prior to the imposition of the moratorium within the timetable set forth in its SOP results in a negative outlook for India's scoring...," the AWG said in an update on May 11. The AWG is a not-for-profit legal entity comprised of major aviation manufacturers, leasing companies and financial institutions. It includes Boeing and Airbus. Go First Lessors are ruffled by the Go First crisis, which started when the carrier decided to file for voluntary insolvency resolution proceedings before the NCLT on May 2. The lessors sought deregistartion and repossession of 45 planes of Go First, which also suspended operations from May 3. Soon after the NCLT admitted the airline's plea, leading lessor SMBC Aviation moved the National Company Law Appellate Tribunal (NCLAT) against the NCLT ruling. On May 11, SMBC Aviation told the appellate tribunal that the Indian aviation sector is being seen as a risky jurisdiction in light of the fate of Kingfisher and Jet Airways. Two other lessors -- G Y Aviation and SFV Aircraft Holdings -- also moved the appellate tribunal. These lessors have around 21 planes that have been leased to Go First. The NCLAT is to continue the hearing on Monday. Go First has around 55 aircraft in its fleet and 28 of them are grounded due to non-availability of Pratt &amp; Whitney engines. The grouding of the planes resulted in fund crunch and forced the airline, which has been flying for more than 17 years, to file for insolvency proceedings. SpiceJet The budget carrier is facing deregistration of at least five aircraft by lessors and one lessor has also filed an insolvency plea against the airline. "We want to scotch any speculation that may have arisen due to the filing by another airline. The airline is firmly focussed on its business and remains in active talks with investors to raise funds," the airline said on May 11. In the last week, lessors have requested DGCA for deregistration of five SpiceJet aircraft. On May 8, the NCLT issued a notice to the carrier on the insolvency plea filed by lessor AirCastle (Ireland) Ltd and the matter is scheduled for a hearing next week. The airline has around 70 planes in its fleet and is looking to revive 25 grounded Boeing 737 and Q400 aircraft. Many of its planes are grounded due to various reasons. Soon after Go First filed for voluntary insolvency resolution proceedings on May 2, Civil Aviation Minister <keyword id="29632" type="General" weightage="50" keywordseo="jyotiraditya-scindia" source="Orion">Jyotiraditya Scindia</keyword> on Tuesday said "It is prudent to wait for the judicial process to run its course". And on May 12, Boeing India President Salil Gupte said the crisis at Go First will not change the trajectory of the Indian civil aviation market in terms of growth and macro trends while legislative clarity on aircraft leasing aspects will provide more comfort to the lessors. Meanwhile, WadiaGroup in a statement on Sunday alleged that AWG's recent warning to India is aweak and desperate attempt to influence NCLAT ahead of the hearing. "AWGshould hold its own members accountable for failing the Indian Aviation industry, as opposed to issuing a warning to India," it said. Pratt &amp; Whitney, in essence, has abused international conventions and contractual obligations by refusing to comply with the ruling of the international arbitrator to which all reputable companies are bound, including AWG's members. "AWG should focus on ensuring that its own members abide by international arbitration awards. Rather than issuing threatening watchlist notices to India and quoting the Cape TownConvention (CTC) to influence the proceedings which are currently being heard in the NCLAT," it stated. "AWG should first address the root cause by advising Pratt &amp; Whitney to comply with the law and abide by the award issued by the emergency arbitrator appointed in accordance with the 2016 Arbitration Rules of the Singapore International Arbitration Centre (SIAC) to which, Pratt and Whitney voluntarily submitted themselves," the statement said. "The Airbus NEO(new engine options) with P&amp;W engines, sold on the plank of fuel efficiency failed leading to 100 aircraft currently lying idle in India and many more around the world. The entire Indian aviation sector is hit due to sub-standard products supplied by the engine makers," said Wadia Group vice chairman <keyword id="459296" type="General" weightage="20" keywordseo="varun-berry" source="Orion">Varun Berry</keyword>. "P&amp;W cannot wash their hands off their liabilities after supplying sub-standard engines which has led to huge losses for all airlines. 18 per cent of Indian aviation capacity is currently grounded due to non-supply of engines by P&amp;W. "The issue is rampant and several airlines across the world are severely affected by the engine failures by P&amp;W and hence the claim by Go First of failure due toP&amp;W engines has huge credence. Go First maintained profitability comparable to the industry leader for approximately 5 years until COVID and beyond including in the year 21-22" he added.

Go First's insolvency flight leaves trail of concerns for aircraft lessors

<ul><li>Rakesh <keyword id="924639" type="General" weightage="100" keywordseo="gangwal" source="Orion">Gangwal</keyword>’s stake sale comes six months after the co-founder resigned from the airline’s board of directors.</li><li>Gangwal will pare down his stake in <keyword id="6354706" type="General" weightage="80" keywordseo="indigo" source="Orion">IndiGo</keyword> further over the next five years.</li><li>Post the stake sale, Gangwal’s holding will be down to 33.81%, while Rakesh <keyword id="4943" type="General" weightage="80" keywordseo="bhatia" source="Orion">Bhatia</keyword>, the other co-founder, will continue to hold 37.8% of the airline.</li></ul>Shares of IndiGo fell by over 4% in early trade today as co-founder Rakesh Gangwal decided to offload shares worth ₹2,000 crore ($250 million). Gangwal’s decision to reduce his stake in India’s largest airline comes six months after he resigned from the company’s board of directors. The block deal has a floor price of ₹1,850 per share (discount of 6.4% to yesterday’s closing price), and will involve the sale of 10.8 million shares. As of now, Rakesh Gangwal and family own a 36.61% stake in IndiGo, while <keyword id="325253" type="General" weightage="50" keywordseo="rahul-bhatia" source="Orion">Rahul Bhatia</keyword>, the other co-founder, owns a 37.8% stake. After Gangwal’s sale, his stake will be down to 33.81%. Currently, Gangwal’s stake is worth ₹27,900 crore, while Bhatia’s stake is worth ₹28,800 crore. <cmsannotation type="cmsannotation" annotationid="More stake sales down the road" comment="subhead" text="More stake sales down the road">More stake sales down the road</cmsannotation> The stock will remain under pressure as Gangwal will continue to offload stakes from time to time. Gangwal has a 5-year plan to pare his stake in IndiGo. “My current intention is to slowly reduce my equity stake in the company over the next five-plus years,” Gangwal said in a statement filed with the exchanges earlier this year. Gangwal justified his resignation from the board of directors by saying it is to avoid conflict of interest since he also plans to sell his stake in the company gradually over the next five or so years. However, he has given himself an out saying that he could become a director once again in the future. <cmsannotation type="cmsannotation" annotationid="Gangwal and Bhatia haven’t been the best of friends for a while now" comment="subhead" text="Gangwal and Bhatia haven’t been the best of friends for a while now">Gangwal and Bhatia haven’t been the best of friends for a while now</cmsannotation> Despite being co-founders, Gangwal and Bhatia have had a very public spat for a few years now, dating back to 2019 when Gangwal wrote a letter to the Prime Minister’s office and market regulator SEBI, alleging “questionable related party transactions” between <keyword id="2351966" type="General" weightage="50" keywordseo="interglobe-aviation" source="Orion">InterGlobe Aviation</keyword> and Bhatia group firms. Gangwal also raised issues of corporate governance – all of which Bhatia denied. Later on, Gangwal approached the London Court of International Arbitration to remove a clause that prevented the promoters from selling their holdings. He won the arbitration and with IndiGo’s articles of association amended to remove this clause, he is beginning to offload his shares. While Gangwal’s primary issue was with the deals that IndiGo entered into with Bhatia-owned company, InterGlobe Enterprises (IGE) and other group entities; he also said that he had little power when it came to running the affairs of the airline. According to agreements entered into between IndiGo (InterGlobe Aviation) and Bhatia’s IGE, Gangwal could name only one director to the airline’s board, while Bhatia could name five, and also appoint the managing director, CEO and president. Now with Gangwal beginning to pare his stake in IndiGo, it seems like the relationship between him and his other co-founder, Bhatia, is beyond repair. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[<blockquote class="stocktwits-embedded-post" data-origin="https://stocktwits.com" data-id="483617721"> $INDIGO.NSE I will be buyer even around 1900 as benefits of falling crude will reflect in trend of share Chart looks bullish for swing trade target of 2375 / 3480 With keeping stop loss around 1865 levels. &mdash; (@Swapnilkommawar) <a href="https://stocktwits.com/Swapnilkommawar/message/483617721"> September 08, 2022</a></blockquote><script async src="https://stocktwits.com/min/widgets.js" charset="utf-8"></script>]]></cdata></div> SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/from-sbi-to-icici-indian-banks-are-entering-an-earnings-upgrade-cycle-says-morgan-stanley/articleshow/94049013.cms">Time to buy banks? Morgan Stanley says yes as banks are entering 2nd leg of earnings upgrades</a> <a href="https://www.businessinsider.in/stock-market/news/explained-what-are-you-in-investing-in-when-youre-investing-in-nifty50/articleshow/94041896.cms">Explained: What are you investing in when you’re investing in Nifty50</a> <a href="https://www.businessinsider.in/stock-market/news/spicejet-sheds-400-crore-in-value-within-an-hour-of-trading-as-cfo-quits-and-losses-mount/articleshow/93919673.cms">SpiceJet sheds ₹400 crore in value within an hour of trading as CFO quits and losses mount</a>

IndiGo shares fall over 4% as co-founder Rakesh Gangwal offloads ₹2,000 cr worth stake

<ul><li><keyword id="2825269" type="General" weightage="20" keywordseo="zo-rooms" source="Orion">Zo Rooms</keyword> has moved a petition to restrain <keyword id="2808667" type="General" weightage="20" keywordseo="oyo" source="Orion">OYO</keyword> from modifying its shareholding pattern.</li><li>OYO was in talks for a merger with Zo Rooms in 2015, but the talks fell through.</li><li>Zo Room’s legal counsel adds that any issuer should not be eligible to make an IPO if there are any outstanding convertible securities.</li><li>OYO has condemned Zo Rooms for misrepresentation of facts and moving to multiple forums.</li></ul>Update: The article has been updated to include the Delhi high court's verdict issued on September 29. Hotel and hospitality firm OYO is reportedly all set to hit its next milestone this week, by filing the<a href="https://www.businessinsider.in/business/startups/news/oyo-may-file-for-1-billion-ipo-next-week/articleshow/86448073.cms"> preliminary paperwork</a> for its upcoming initial public offering (IPO). However, it has found itself in the middle of another legal battle before it takes a step ahead. Hotel rooms aggregator Zo Rooms, which is managed by <keyword id="2232457" type="General" weightage="20" keywordseo="zostel" source="Orion">Zostel</keyword> Hospitality, has moved a new petition to the Delhi High Court in order to restrain OYO from modifying its shareholding pattern. This petition has been filed to restrict the hotel and hospitality giant from raising any more capital and eventually put a stop on its public issue. "An issuer shall not be eligible to make an initial public offer if there are any outstanding convertible securities or any other right, which would entitle any person with any option to receive equity shares of the issuer...,” Zo Rooms’ legal counsel TMT Law Practice said, in a <a href="https://economictimes.indiatimes.com/tech/startups/zostels-petition-in-delhi-hc-adds-a-legal-twist-to-oyos-ipo-saga/articleshow/86589984.cms">conversation</a> with The Economic Times. They added that OYO should not be allowed to file draft red herring prospectus (DRHP) till this matter is resolved. OYO may postpone its DRHP by a week, as per The Economic Times report. Court adjourns matter until next month The Delhi high court on September 29 (Wednesday) adjourned the hearing in the OYO-Zo Rooms case to October 7. It has asked ZO Rooms to submit a rejoinder on the record. Amit Sibal who was appearing on behalf of Zo Rooms, requested that their shares should be preserved till next hearing date. Sibal added that Zo Rooms intention was not to stop OYO's IPO. "Now if they go ahead and conduct the initial public offering then these shares will be no longer available for allotment to me in that eventuality. Therefore I was seeking that there be protection that if I succeed and they do not succeed in their objections to the award then at least my ability to have those shares is preserved," said Sibal. The court categorically denied this, saying that this couldn't be done without hearing the "contested matter". OYO condemns Zostel for ‘misrepresenting’ facts An OYO spokesperson told Business Insider, “OYO deplores Zostel’s repeated attempts at misrepresenting case facts and threats of forum hunting. OYO condemns Zostel’s self-serving misrepresentation of case facts to the media and it is an attempt to overreach Delhi HC [Delhi High Court] proceedings.” The hotel and hospitality giant further added that Zostel’s claims are “baseless” and termed it “forum hunting”. The term “forum hunting” or “bench hunting” is usually used when a particular petitioner goes to a specific judge or court in the hope of a favourable verdict. Meanwhile OYO’s legal counsel added that the petition filed by Zostel seeks relief “beyond the scope of award”. The award does not provide any relief that entitles them to “freeze” OYO’s shareholding pattern, the counsel said, while adding that the case does not merit. Business Insider has reached out to Zostel and the story will be updated with responses, if any. The ongoing battle The Delhi high heard the petition on September 29. The court also took up a plea by OYO to grant stay on an earlier order from the Supreme Court of India appointed arbitrator in breach of its <a href="https://timesofindia.indiatimes.com/business/india-business/oyo-in-breach-of-binding-agreement-with-zo-rooms-arbitrator/articleshow/81380041.cms">agreement</a> with Zo Rooms. OYO was in talks for a merger with Zo Rooms in 2015, but the talks fell through. This eventually led to arbitration between the two companies. Zo, citing the arbitrator's order, previously noted it is eligible for a 7% stake in OYO’s parent company Oravel Stays. In that case, Zo Rooms may be eligible for a stake worth $672 million in OYO, which is now worth $9.6 billion. OYO, however, has reiterated that the entire process of acquisition was merely at the <a href="https://www.businessinsider.in/business/startups/news/oyo-vs-zo-zostel-claims-victory-while-the-ritesh-agarwal-led-firm-says-theres-still-room-to-win/articleshow/81386851.cms">stage of exploratory discussions</a> and no definitive agreements were finalised between the two parties. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/indigo-spicejet-hdfc-amc-future-group-and-other-top-stocks-to-watch-out-for-on-september-29/slidelist/86600892.cms">IndiGo, SpiceJet, HDFC AMC, Future Group and other top stocks to watch out for on September 29</a> <a href="https://www.businessinsider.in/stock-market/news/aditya-birla-sun-life-amc-ipo-opens-today-and-analysts-bullish-on-the-growing-mutual-fund-industry/articleshow/86590770.cms">Aditya Birla Sun Life AMC IPO opens today, analysts bet high on the growing mutual fund industry</a> <a href="https://www.businessinsider.in/business/startups/news/swiggy-tightens-focus-on-grocery-delivery-as-zomato-steps-out/articleshow/86582683.cms">Swiggy tightens focus on grocery delivery, as Zomato steps out</a>

You Searched For "Spicejet arbitration" and got 8 results

SpiceJet slides after Delhi HC orders it to complete payment to Kalanithi Maran

BI India Bureau

SC warns SpiceJet CMD Ajay Singh for making default in payment of Credit Suisse AG

IANS

KAL Airways rejects SpiceJet's 300 crore settlement offer

IANS

Kalanithi Maran and KAL Airways reject SpiceJet's ₹600 crore settlement offer

IANS

Top stocks to watch — BPCL, IndiGo, Asian Paints, SpiceJet, Coal India, PVR, GMR Infra, Ingersoll Rand, and others

Navdeep Yadav

Go First's insolvency flight leaves trail of concerns for aircraft lessors

PTI

IndiGo shares fall over 4% as co-founder Rakesh Gangwal offloads ₹2,000 cr worth stake

Rounak Jain

OYO blames Zo Rooms for ‘forum hunting’ after Zostel’s latest plea to stop its IPO

Kritti Bhalla