Aviation News

Spicejet informs NCLT that it’s trying to settle dues with the vendor, ET Infra

Budget airline Spicejet informed the National Company Law Tribunal on Thursday that it was trying to settle the matter with its vendor Raymach Technologies.

The counsel for Raymach Technologies pressed that while the airline was claiming settlement with all parties, it could at least reply to the notice, which has been deferred for over three months.

The NCLT bench gave Spicejet the last opportunity to reply within ten days and another week for Raymach Technologies to file a rejoinder. The matter is likely listed for March 18.

In November, Raymach Technologies filed an insolvency petition against Spicejet under Section 9 of the Insolvency and Bankruptcy Code, 2016, for a default of Rs 2.7 crore. The company claims to have provided business consulting and technical support services to the airline.

Earlier, Spicejet informed the tribunal that it was also trying to settle the matter with aircraft lessor Celestial Aviation. Both parties had asked for more time from the tribunal, as they claimed that Spicejet had made some payments.

The low-cost airline has been successful in settling with one aircraft lessor and one real estate firm. It has also been able to get two appeals dismissed from insolvency tribunals.

In January, NCLT dismissed a plea filed by Wilmington Trust SP Services Ltd on the issue of maintainability. Spicejet’s counsel had argued that Wilmington was a trustee and not the lessor and, thus, had no locus to file an insolvency petition against the airline.

In December 2023, Spicejet was also successful in getting Willis Lease Finance’s plea dismissed, citing maintainability concerns.

The airline has been facing trouble in other forums, though. Delhi High Court has directed Spicejet to pay $4 million to its engine lessors, Team France 01 SA and Sunbird France 02 SAS, by February 15.

The company was recently successful in raising Rs 744 crore in the first tranche of capital infusion. The airline plans to raise Rs 2,250 crore of fresh capital.

  • Published On Feb 9, 2024 at 12:20 AM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Get updates on your preferred social platform

Follow us for the latest news, insider access to events and more.

Source link