NCLT Advises SpiceJet To Reach Settlement With Lessors
All the insolvency pleas against SpiceJet that are pending before the NCLT are likely to come up for hearing on Sept. 15.
The National Company Law Tribunal said on Tuesday that five insolvency pleas had been filed against SpiceJet, and all of them had been filed by lessors and not by any financial institutions.
Hence, the bench advised the airline that it would be most beneficial for it to reach a settlement with the lessors.
After Willis Lease Finance, Aircastle and Wilmington, Celestial Aviation Services Ltd. also approached the NCLT with an insolvency plea against the low-cost airline.
On May 8, the NCLT issued a notice regarding Aircastle's initial plea and requested a response from the airline. On May 25, Aircastle requested a brief adjournment to address SpiceJet's response. In the course of these proceedings, SpiceJet filed an application challenging the legitimacy of Aircastle's insolvency petition.
The airline has also raised concerns about the legitimacy of Aircastle's second insolvency plea as well as Wilmington's plea.
All the insolvency pleas against SpiceJet that are pending before the NCLT are likely to come up for hearing on Sept. 15.
