Kal Airways and media baron Kalanithi Maran on Monday told the Supreme Court that they were not agreeable to the two proposals to settle their dispute with SpiceJet on payment of interest in connection with a share transfer issue as the low-cost airline owed them around Rs 920 crore in pursuance of an arbitral award.

A bench comprising Chief Justice N.V. Ramana and Justices A.S. Bopanna and Hima Kohli, at the outset, inquired about the view of Kal Airways Pvt Ltd and Maran whether they were agreeable to the two proposals of SpiceJet to settle the dispute.

SpiceJet, in its first offer, proposed that it would pay Rs 300 crore towards a full and final settlement of the dispute or secondly, out of the bank guarantee of Rs 270 crore deposited with the Delhi High Court, the low-cost airlines will give Rs 100 crore for now and an order will be passed by the apex court urging the high court to expeditiously decide the case related to the arbitral award.

“They (Kal Airways and Maran) have considered the offer made by my friend (Senior advocate Mukul Rohatgi on behalf of SpiceJet). But they have not found them acceptable,” senior counsel Maninder Singh, who was assisted by, Karanjawala and Co, told the bench.

After being told about the views on the proposals, the bench listed the case for hearing the arguments on March 2 which was accepted by SpiceJet, represented by Rohatgi.

Board meet off

SpiceJet has postponed its scheduled board meet to Tuesday saying that the company’s audit committee meeting for approval of December quarter results was inconclusive due to paucity of time.

The low-cost carrier, which is going through turbulent times, was scheduled to announce the financial results for the quarter ended December 2021 on Monday.

An intimation in this regard was given to the BSE on February 8.