Real estate company Acres Buildwell Private Limited is withdrawing its insolvency application against SpiceJet (SG, Delhi International) after reaching terms with the airline.
According to Indian news outlet Money Control, Acres Buildwell has applied to the Delhi bench of India's National Company Law Tribunal (NCLT) to end the matter of Acres Buildwell Pvt Ltd vs SpiceJet Ltd, saying both parties have amicably resolved the dispute. The case dates back to September 2022, when Acres Buildwell initially filed the petition, saying SpiceJet owed it INR32.5 million rupees (USD393,857).
SpiceJet is managing multiple legal actions, including separate insolvency petitions from engine supplier Willis Lease Finance Corporation, and aircraft lessor Aircastle. The LCC says it no longer has any Willis-supplied engines, having returned them all around 12 months ago. It also says the four aircraft involved in the Aircastle matter have also gone back to the lessor. SpiceJet says it will continue negotiating out-of-court settlements with all its business partners.
SpiceJet is also jointly applying to the NCLT to have the Acres Buildwell petition withdrawn, with the tribunal expected to close the case in July. Neither party has disclosed the terms or value of the settlement. Despite the resolution of the Acres Buildwell dispute, SpiceJet has a busy calendar of legal appearances, with the Willis matter listed for mention on June 8, while earlier this week, the NCLT gave Aircastle until July 18 to file a rejoinder after it sought time to respond to an interlocutory appeal filed by SpiceJet on June 5.
