In a new development in the SpiceJet-Sun Group arbitration case on Monday, Sun Group of Kalanithi Maran has made it clear that there will be no discussion with SpiceJet for an amicable settlement. Kal Airways has issued a clarification regarding the same.

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Further, the statement mentioned that it has come to Kal Airways' ‘knowledge’ that a statement of amicable settlement was purportedly issued by the spokesperson of SpiceJet and it has been circulating among certain sections of the media.

Clarifying the report, Kal Airways said, "we deny the same and state that there is no question of an amicable settlement with SpiceJet Ltd in view of the matter having reached finality by virtue of the order dated July 7, 2023 of the Honourable Supreme Court of India."

The company further "hoped" that SpiceJet will comply with the orders of the Supreme Court and pay the interest amount of Rs 386 crore forthwith. Meanwhile, SpiceJet said that the board will consider raising fresh capital on July 12 via equity and/or convertible securities on pref basis.

The Supreme Court on Friday refused to extend the time for making payment to media baron Kalanidhi Maran and his Kal Airways in pursuance of an arbitral award of Rs 578 crore related to a share-transfer dispute, saying these are "luxury" litigations.

While refusing to extend the time, the Delhi High Court had earlier on June 1 asked the low-cost airline to deposit "forthwith" Rs 75 crore that has to be paid to Maran and his Kal Airways towards interest on the arbitral award.

Prior to this, the SC had ordered that the bank guarantee of Rs 270 crore furnished by SpiceJet to Maran and his company must be encashed immediately if the airlines failed to pay Rs 75 crore towards interest on the arbitral award by May 13.

Shares of SpiceJet, meanwhile, were trading nearly 3 percent higher till 1:14 pm on Monday.