New Delhi, July 13 -- Budget carrier SpiceJet on Monday told the Delhi High Court that it will deposit the outstanding Rs.144.5 crore in its long-running arbitration dispute with Kalanithi Maran and KAL Airways Pvt. Ltd. in phases.

After securing partial financial assistance under the Centre's emergency credit programme for airlines, the carrier said it will deposit Rs.50 crore with the court registry within 45 days and the remaining Rs.95 crore within 90 days.

The development marks a turnaround for SpiceJet in the legal battle after the airline had earlier argued that it lacked the liquidity to make an immediate cash deposit and had sought permission to furnish a commercial property in Gurugram as security instead.

Senior advocate Muk...