Thursday, July 20, 2023

Acres Buildwell withdraws insolvency plea against SpiceJet

Real Estate company Acres Buildwell Private Limited on July 20 withdrew its insolvency plea against low-cost airline SpiceJet. The plea was filed in National Company Law Tribunal (NCLT), Delhi.

Moneycontrol had reported on June 5, that the parties have resolved the dispute, as a result of which the application for withdrawal has been filed. It is to be noted that in March, SpiceJet informed the tribunal that it was making efforts for amicably resolving the matter.

Advocates Mohit Jolly and Varun K Chopra, who appeared for Acres and SpiceJet respectively, informed the NCLT today that there has been a settlement between the parties. Jolly told the court that he has instructions from Acres to withdraw the plea. The tribunal accordingly passed an order permitting the withdrawal of the plea as the case was still in a preliminary stage.

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.

Despite the withdrawal, SpiceJet will still have to fight insolvency pleas filed by aircraft lessors Willis , Wilmington and Aircastle alleging that the domestic budget carrier has not made payments.

20/07/2023 SN Thyagarajan/Moneycontrol

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