It said it has modified the single judge’s order directing the airline to deposit the entire amount in installments over a period of 12 months. SpiceJet and Singh had challenged the single judge’s July last year’s interim order saying the court did not have the jurisdiction. The single judge’s order had come on a civil suit by Sun Group chief Kalanithi Maran and his Kal Airways. The amount was to be deposited in five instalments with the first one in August 2016, the court had said. Under the SPA, Maran and Kal Airways had transferred their entire 350,428,758 equity shares (58.46% stake) in the airline to Ajay Singh.

Source: Hindustan Times July 03, 2017 12:22 UTC