(1.) The appellants question the correctness of the judgment rendered by a learned Single Judge of the Court dtd. 31/7/2023 and in terms of which the challenge to the Arbitral Award under Sec. 34 of the Arbitration and Conciliation Act, 1996[Act] as mounted has come to be dismissed. The petitions before the learned Single Judge had impugned the Arbitral Award dtd. 20/7/2018 as corrected vide order dtd. 20/9/2018 of the Arbitral Tribunal[AT] .
(2.) The claim before the AT had been brought by KAL Airways Private Limited[KAL] along with Mr. Kalanithi Maran[KM], and in which the appellants - SpiceJet Limited[SpiceJet] and Mr. Ajay Singh were named as the respondents. The AT had upon consideration of the claims as laid by KAL and KM as well as the counterclaims which had been filed by the appellants herein framed the following operative directions:-
(3.) In order to appreciate the challenge which stands raised, we deem it apposite to notice the following essential facts. The case before the AT emanates from a transaction involving the takeover of SpiceJet by Ajay Singh from KAL and KM. The appellants contend that at the time when they took over SpiceJet, it was a company mired in debt to the extent of approximately INR 2200,00,00,000/- and the transaction essentially was aimed at taking over the debt-ridden company and absolving KM of the personal guarantees submitted as security for the repayment of loans taken with respect to SpiceJet.
ABOUT US "REGENT COMPUTRONICS PVT. LTD." is a Company incorporated in 1991 under the provisions of the Companies Act, 1956. Since its inception to 1995, the Company was busy in carrying out the activities related to various Banks' Job Work..
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