KAL rejects Rs 600 crore offer by SpiceJet – Times of India

NEW DELHI: KAL Airways on Monday rejected SpiceJet’s offer to pay a total of Rs 600 crore to fully and finally settle its disputes, saying the total dues with interest stood at Rs 920 crore.
Appearing for KAL Airways, senior advocate Maninder Singh informed a bench headed by Chief Justice N V Ramana that his clients are not agreeable to SpiceJet’s offer of Rs 600 crore for settling all disputes even as the principal amount of Rs 578 crore has swelled to Rs 920 crore including interest.
The bench said it would hear both sides and decide the case as they have failed to reach a settlement.
For SpiceJet, senior advocate Mukul Rohatgi had said that against a principal amount of Rs 578 crore, the Indian airline has already paid Rs 308 crore in cash and has given a bank guarantee worth Rs 270 crore, fully covering the defaulted amount.