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Informist, Friday, Sep 20, 2024

--Raymach Tech withdraws insolvency plea against SpiceJet in NCLT 

--CONTEXT: Raymach filed IBC plea vs SpiceJet for 27.7-mln-rupee debt 

 

NEW DELHI – SpiceJet Ltd's vendor Raymach Technologies Pvt Ltd today withdrew its insolvency petition against the airline in the Delhi bench of the National Company Law Tribunal. Raymach Technologies said it had reached a settlement agreement with SpiceJet and the amount has been paid by the airline.  

 

Raymach Technologies, which provided business consulting and technical support services to the airline, had in November moved the tribunal, alleging a default of 27.7 mln rupees.  

 

The airline had been trying to settle the case with Raymach Technologies since February and had not filed a reply in the case. On Feb 8, the tribunal gave SpiceJet a last opportunity to file a response to Raymach Technologies' plea. However, at the next hearing in April, the airline did not file a reply and said it was still trying to settle the case.

 

The airline was again given a last chance by the tribunal to either file a reply or settle the matter. 

 

At 1114 IST, shares of SpiceJet were up 0.9% at 69.01 rupees on BSE.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Avishek Dutta

 

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