Dispute with Raymach Tech settled: SpiceJet to NCLT

SpiceJet Ltd Friday informed the National Company Law Tribunal (NCLT) it has settled a dispute with Raymach Technologies over ₹2.7 crore worth of unpaid dues.

Both parties' counsel sought the tribunal's permission for withdrawing the insolvency plea.

Raymach had filed a Corporate Insolvency Resolution Process (CIRP) initiation petition last November, claiming SpiceJet owed Rs 2.7 crore for business consulting and technical services given to the budget airline.

SpiceJet denied availing services from Raymach, whereas Raymach said it gave technical services and had billed the airline for over four years.

The service provider also contended that the airline had accepted its past invoices. Last month, Engine Lease Finance B.V. filed an insolvency plea against SpiceJet for defaulting in payments of more than $12 million for eight lased engines.

Engine Lease had moved the Delhi High Court against SpiceJet last year on the airline using its engines even after termination of the lease agreement.

SpiceJet has been facing several insolvency petitions across legal forums over pending dues from engine and aircraft lessors, including Wilmington Trust SP Services (Dublin), Willis Lease Finance, Aircastle and AWAS (Ireland).

While NCLT dismissed Willis Lease Finance and Wilmington Trust SP's insolvency pleas, SpiceJet has successfully settled its dispute with Celestial Aviation.