SpiceJet served notice on insolvency plea, granted 2 weeks to file response

The National Company Law Tribunal (NCLT) on Friday issued a notice to SpiceJet on an insolvency plea and directed the airlines to respond to it within two weeks.

The notice was issued based on an application filed by Acres Buildwell, which claimed that SpiceJet owes the firm Rs 3.25 crore in outstanding dues.

Earlier, the NCLT had granted SpiceJet two weeks to file its reply on the plea as to why insolvency resolution proceedings should not be initiated against it.

Earlier this year, SpiceJet had reached a settlement with Credit Suisse AG, which had sought the winding up of the airline over unpaid dues. The airline had reached an in-principle settlement with Credit Suisse AG over pending dues of $ 24 million.

The Supreme Court had also stopped the insolvency proceedings against SpiceJet and asked it to clear its dues earlier.

SpiceJet had recently said in a statement that it is in talks with bankers to raise as much as $200 million in fresh capital after the private airline reported a net loss of Rs 789 crore in the last quarter.