Aircraft lessor Aircaslte filed a fresh insolvency plea against SpiceJet on Tuesday. The plea seeks to initiate insolvency proceedings against SpiceJet alleging that the airline has failed to pay its outstanding dues. This is the third such case filed against SpiceJet.
The National Company Law Tribunal (NCLT) questioned the maintainability of the aircraft lessor’s second insolvency plea. It has asked Aircastle’s lawyer to explain how the plea is maintainable with some legal precedents.
On 28 April, Aircastle (Ireland) filed a CIRP petition against SpiceJet. The case is scheduled for a hearing on 17 July.
On Monday, the tribunal adjourned the hearing of a similar plea filed by lessor Wilmington against SpiceJet. The case is likely to be listed on 16 July.
Engine lessor Willis Lease Finance Corporation has also filed a plea against SpiceJet.
According to NCLT, a creditor is entitled to file only one insolvency plea at a time and if the corporate debtor is admitted to insolvency, the creditor could file a consolidated claim with the resolution professional. The tribunal observed that Insolvency and Bankruptcy Code, 2016 was aimed to reduce the number of pleas filed and initiating a second insolvency plea may be against the rationale of the code.
Aircastle’s legal team argued that the code does not prohibit the filing of a second insolvency plea and accepted to argue the case on 17 July.
According to an Economic Times report, Aircastle (Ireland) and Wilmington had got two aircraft deregistered from aviation regulator DGCA in March under the provisions of Irrevocable De-registration and Export Request Authorisations (IDERA).