NCLT Issues Notice To SpiceJet Over Unpaid Debts Plea Filed By Aircraft Lessor Aircastle

The National Company Law Tribunal (NCLT) issued a notice to SpiceJet on Monday asking them to respond to a plea alleging unpaid debts.

Budget airline SpiceJet has received a notice from the National Company Law Tribunal (NCLT) on Monday after an aircraft lessor filed a petition seeking to initiate insolvency resolution proceedings against the company. The next hearing for the case is scheduled for May 17, according to the PTI. Aircastle (Ireland) Ltd. submitted the petition.

According to the PTI report, a two-member Principal bench of the NCLT headed by President Ramalingam Sudhakar issued the notice to SpiceJet and directed to list the matter on May 17 for the next hearing. A SpiceJet spokesperson said that in the Aircastle issue, notice was issued in normal course. "There was no adverse ruling against SpiceJet. The court has recognised the fact that parties are under settlement discussions and they can continue to pursue the same," he said.

The most recent development also occurs at a time when rival Go First, who is in financial trouble, has requested voluntary insolvency resolution procedures. On April 28, Aircastle filed a complaint against SpiceJet.
SpiceJet said last week that it had no Aircastle-made aircraft in its fleet and that the petition's filing would have no bearing on how the airline operated. There are now two more petitions for insolvency resolution actions against SpiceJet on the NCLT website.