Troubled budget carrier SpiceJet has received a notice from the National Company Law Tribunal (NCLT) on an insolvency plea, directing the airline to respond in two weeks. The plea was filed by one of the creditors of the airline, Acres Buildwell, to whom SpiceJet owes Rs 3.25 crore.
A September 2 NCLT order had granted SpiceJet two weeks to file its reply as to why the insolvency process should not be initiated against it followed by a week’s time to the creditor for filing rejoinder, if any. The case is likely to be heard on September 30.
On Thursday, SpiceJet received the approval for a loan under the government’s ECLGC scheme and the first tranche of the payment has already been received by the airline and the second tranche is expected ‘very soon’, the company informed.
SpiceJet’s management is working to raise an additional $200 million. It will also be depositing TDS of all employees in the next 2-3 weeks while ‘a significant portion of PF contributions’ of all employees will also be credited, the company informed.
Last month, the Ajay Singh-promoted airline and Swiss Bank Credit Suisse informed the Supreme Court, that the two entities had settled a dispute through an out of court settlement.