SpiceJet, a low-cost airline based in India, is in a financial bind and has approached the Supreme Court seeking permission to use a ₹148 crore plot of land in Gurugram as security instead of the ₹144 crore cash deposit mandated by the Delhi High Court. The airline's request follows the High Court's orders on May 4 and March 18, which rejected similar pleas and imposed a cost for repeated modifications of the deposit requirement. The High Court had previously directed SpiceJet and its chairman, Ajay Singh, to deposit the amount within a specified timeframe against an admitted liability of ₹194 crore. SpiceJet's argument regarding a liquidity crunch due to recent flight cancellations amid the West Asia conflict was dismissed, as the court noted that the hostilities began only in February 2023. The ongoing dispute stems from a share transfer deal made in February 2015, where Maran and KAL Airways transferred their 58.46% stake in SpiceJet to Singh. The arbitration process has seen various rulings, including a ₹579 crore refund awarded to Maran, which SpiceJet was directed to secure through a bank guarantee and cash deposit. The Supreme Court's upcoming decision will be crucial for SpiceJet's financial management and operational strategy.