Back then, Maran not only transferred his 58.46% stake in SpiceJet to Ajay Singh in January 2015 but also infused about ₹679 crore into SpiceJet through convertible warrants and preference shares.
Fast forward: SpiceJet says it has already paid about ₹730 crore to Maran and KAL Airways, including principal and interest.
With rising fuel costs making things harder, they've now offered up property papers as security instead of cash while the courts sort out how much interest (if any) they really owe.