SpiceJet has received a notice from the National Company Law Tribunal (NCLT) on an insolvency plea. The plea is filed by one of the SpiceJet creditors, Acres Buildwell, to whom SpiceJet owns INR 32.5 million. The airline has two weeks to respond to the plea. The case is likely to be heard on September 30, 2022.
In an order passed on September 2, 2022, the NCLT had granted SpiceJet two weeks to file its reply on the plea as to why insolvency resolution proceedings should not be initiated against the company.
As per the latest reports, SpiceJet was in talks with bankers to raise fresh capital of $200 million. Sources also claimed that SpiceJet owner, Ajay Singh, was approached by a Middle Eastern carrier for a stake in the airline.
SpiceJet has also received the first tranche of the payment under the central government's Emergency Credit Line Guarantee Scheme (ECLGS). The second tranche is expected "very soon", the airline said in a statement. The airline is expected to receive around INR 2.25 million under the scheme.
According to the June 30, 2022 figures, SpiceJet reported a net loss of INR 7.89 million as compared to the loss of INR 7.29 million same time last year.
Earlier this year, SpiceJet had reached a settlement with Credit Suisse, which had sought the winding up of the airline over unpaid dues. The airline reached an in-principal settlement with the bank over pending dues of $24 million.