India’s Low-cost carrier, SpiceJet (SG), was given notice and instructed to list the case for the next hearing on May 17 by a two-member Principal bench of the NCLT led by President Ramalingam Sudhakar.
Today, an aircraft lessor’s petition to begin insolvency resolution procedures against the low-cost carrier was served on SpiceJet. Further, the National Company Law Tribunal has set the next hearing for May 17 as a result.
Aircastle (Ireland) Ltd. was the petition’s filer. SpiceJet was given the notice and instructed to list the case for the next hearing on May 17 by the NCLT’s Principal Bench, which consists of two members and is presided over by President Ramalingam Sudhakar.
“SpiceJet wasn’t subject to an unfavorable decision. According to him, the court has acknowledged that the parties are now in settlement talks and that they are free to do so.
Complaint against SpiceJet
The most recent development coincides with rival Go First filing for voluntary insolvency resolution proceedings. Which is currently experiencing a crisis.
The complaint against SpiceJet was made on April 28 by Aircastle. SpiceJet said last week that it did not own any Aircastle-made aircraft. Further, the petition’s filing would not have any impact on its daily business.
SpiceJet NCLT Hearing
According to the website, two further requests for insolvency resolution actions against SpiceJet are pending before the National company law tribunal (NCLT).
Two motions were submitted: Acres Buildwell Private Ltd on February 4 and Willis Lease Finance Corporation on April 12.
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