The Delhi High Court on Monday directed cash-strapped airline SpiceJet Ltd. to deposit Rs 243 crore within six weeks in connection with the share transfer dispute with its ex-promoter Kalanithi Maran and his firm KAL Airways.

 The HC said that the failure to comply with the order would allow Maran to seek the status quo on SpiceJet’s shareholding. If the amount is not deposited within the deadline, SpiceJet will not be able to raise new capital via issuance of new shares or through stake sale. The amount is the interest payable of Rs 579 crore, which the court had asked SpiceJet to deposit as part of the share transfer dispute in 2017.

 The case relates to the dispute arising out of non-issuance of warrants in favour of Kalanithi Maran, Non-Executive Chairperson of KAL Airways’, after the transfer of ownership of SpiceJet to Ajay Singh, the controlling shareholder of SpiceJet. Maran and KAL Airways had sold their entire 58.46 per cent stake in SpiceJet, amounting to 350.4 million shares to Singh in February 2015, leading to a change in ownership of the airline.

Under the share purchase agreement, Maran and KAL Airways were to receive redeemable warrants in return for the Rs 690 crore they spent on SpiceJet. In 2017, Delhi High Court had ordered SpiceJet to deposit Rs 579 crore in five equal monthly instalments and to set up an arbitral tribunal to resolve the issue.