 "Spicejet")
Three aircraft lessors filed insolvency pleas against the low-cost carrier SpiceJet in the National Company Law Tribunal (NCLT) on Thursday over a default of Rs 77 crore. The tribunal has issued notice to SpiceJet regarding the three insolvency pleas filed by aircraft lessors AWAS 36698 Ireland, AWAS 36694 Ireland, and AWAS 36695 Ireland. The matter has been deferred to May 30.
Senior Advocate Pramod Nair, representing the lessors, stated that the plea has been filed based on the judgment of the High Court of the UK and the contract between the parties.
Meanwhile, Senior Advocate Krishnendu Dutta, representing the airline, questioned the maintainability of the plea, stating that it relies solely on the judgment of a foreign court rather than on the contract between the parties. He added that the lessors have also moved the high court for execution of the foreign decree, thus approaching multiple forums for the same dispute. Moreover, he noted that the lessors have not even filed a single invoice that SpiceJet has defaulted on.
The tribunal instructed the parties to formalise such issues and directed the airline to file its response to the plea within two weeks.
Celestial Aviation, Willis Lease Finance, Aircastle, and Wilmington had also filed applications against SpiceJet in 2023 for outstanding dues. The tribunal had rejected the insolvency applications from Wilmington Trust SP Services (Dublin) in January of this year and Willis Lease Finance in December of last year.
Earlier this year, SpiceJet informed the tribunal that they have 'practically settled' their dispute with aircraft lessor Celestial Aviation. Meanwhile, the plea by Aircastle is pending judgment.
Lessors claimed that the plea was filed after UK’s High Court judgment and contract between the parties
SpiceJet questioned the maintainability of the plea, claiming it relied solely on the judgment of a foreign court rather than on the contract between the parties
The tribunal has directed the airline to file its response in two weeks
