A petition to wind up retail giant Dunnes Stores has been withdrawn at the Commercial Court after the company paid €21.6m owed for a shopping centre development in Kilkenny.

Dunnes Stores paid a €21m debt last night ahead of a petition to wind up the retail chain.

Dunnes Stores chief Margaret Heffernan has told Nama it will be held responsible for the “very significant losses” her company will “inevitably” experience if a petition to wind up the retail giant over non-payment of €21.6m for a Kilkenny shopping centre development is pursued.

The Commercial Court has been told Dunnes Stores is adopting a 'can pay, won't pay' attitude to a judgment order for over €21m.

Dunnes Stores has been ordered to pay about €20m due to a company which built a shopping centre in which the chain agreed to be the anchor tenant.