Real Estate company Acres Buildwell Private Limited has filed an application in the National Company Law Tribunal (NCLT) to withdraw its insolvency plea against low-cost airline SpiceJet, sources close to the development told Moneycontrol.
Sources further revealed that the parties have resolved the dispute, as a result of which the application for withdrawal has been filed. The application is likely to come up for consideration in July. It is to be noted that in March, SpiceJet informed the tribunal that it was making efforts for amicably resolving the matter.
Despite the withdrawal, SpiceJet will still have to fight insolvency pleas filed by aircraft lessors Willis and Aircastle alleging that the domestic budget carrier has not made payments.
Acres Buildwell filed the insolvency plea in September 2022, on the ground that SpiceJet owed outstanding dues to the tune of Rs 3.25 crore. The NCLT had sought SpiceJet's response to the plea and issued notice to the airline.
Plea by aircraft lessor Aircastle against SpiceJet is listed for hearing on June 6, while that by Willis is likely to come up for hearing on June 8.
On May 29, the Delhi High Court ordered SpiceJet to pay Rs 380 crore to Kalanithi Maran, the former promoter of the airline and the founder of media giant Sun Group. These were the dues arising out of an arbitration award from 2018.
SpiceJet is also facing contempt proceedings in the Supreme Court against Credit Suisse, for failing to pay its dues from a court mediated settlement with the bank in 2022.
SpiceJet and Credit Suisse entered into a settlement agreement in May 2022 to resolve a payment dispute that arose from SpiceJet's non-payment of dues to SR Technics, a Switzerland-based company that provides aircraft maintenance services. SpiceJet had defaulted on dues amounting to $20 million.
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