The National Company Law Tribunal ("NCLT") deferred its decision regarding Dublin-based aircraft lessor Aircastle Limited's insolvency petition against budget airline SpiceJet [NCLT order 349/ND/2023]. SpiceJet's legal representative raised concerns over the viability of Aircastle's petition, noting that Aircastle had previously filed a separate insolvency petition against SpiceJet under the Insolvency and Bankruptcy Code, 2016 ("IBC"). Aircastle's counsel argued that both petitions addressed distinct default cases by SpiceJet, with the second case scheduled for a hearing on April 22, 2024.
Aircastle sought approximately Rs 50 crore in both petitions for default related to the lease of two Boeing aircraft. The tribunal questioned Aircastle about the potential for the same operational creditor to file multiple petitions against the same corporate debtor. SpiceJet's counsel highlighted discrepancies in the notice served in this petition, arguing that it was addressed to the director rather than the company. However, Aircastle's counsel contended that the company had responded to the notice, indicating awareness of the matter. Despite these legal complexities, SpiceJet has recently resolved disputes with other creditors and continued its efforts to address outstanding financial obligations.
Originally published by 08 May, 2024
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