SpiceJet Settles ₹2.7 Crore Dispute with Raymach Tech, Withdraws Insolvency Plea at NCLT

SpiceJet Ltd announced to the National Company Law Tribunal (NCLT) on Friday that it has settled a dispute with Raymach Technologies over unpaid dues of ₹2.7 crore. Lawyers for both companies have asked the tribunal to allow them to withdraw the insolvency case.

Background of the Dispute

Raymach Technologies had filed a petition to start a Corporate Insolvency Resolution Process (CIRP) against SpiceJet last November. Raymach claimed that SpiceJet owed ₹2.7 crore for business consulting and technical services provided to the airline over four years. SpiceJet denied using Raymach’s services, but Raymach insisted that the airline had accepted their past invoices.

Other Legal Challenges for SpiceJet

This settlement is just one of several financial issues SpiceJet is dealing with. Last month, Engine Lease Finance B.V. filed an insolvency plea against SpiceJet, claiming the airline owes over $12 million for eight leased engines. Engine Lease had previously gone to the Delhi High Court, accusing SpiceJet of continuing to use its engines even after the lease agreement was terminated.

SpiceJet is also facing multiple insolvency petitions from other engine and aircraft lessors, including Wilmington Trust SP Services (Dublin), Willis Lease Finance, Aircastle, and AWAS (Ireland). While the NCLT dismissed the insolvency petitions by Willis Lease Finance and Wilmington Trust SP, SpiceJet has managed to settle its dispute with Celestial Aviation.