NCLT rejects Wilmington Trust's insolvency petition against SpiceJet

In a relief to low-cost carrier SpiceJet, the National Company Law Tribunal (NCLT) on Monday dismissed an insolvency petition filed against the company by aircraft lessor Wilmington Trust SP Services.

A Delhi-based bench of NCLT comprising members Mahendra Khandelwal and Rahul Prasad Bhatnagar dismissed the petition of the aircraft lessor based in Dublin, Ireland.

Wilmington moved the insolvency plea against SpiceJet in June 2023 over unpaid dues.

Last month NCLT had dismissed an insolvency petition by another aircraft lessor, Willis Lease Finance Corporation, which was also claiming dues.

SpiceJet faced insolvency pleas filed by its aircraft lessors, including Willis Lease, Aircastle Ireland Ltd, Wilmington, and Celestial Aviation.

However, NCLT has issued notice only on the petition filed by Aircastle so far.

Earlier, the Delhi High Court directed SpiceJet to pay USD 4 million to its two engine lessors, Team France 01 SAS and Sunbird France 02 SAS, by February 15.