Tuesday, May 09, 2023

SpiceJet Insolvency: Ireland-based aircraft lessor Aircastle moves NCLT to launch bankruptcy process against airline

Indian budget airline SpiceJet is facing the heat with an Ireland-based company looking to begin insolvency proceedings against it. The low-cost carrier has already received a notice from the National Company Law Tribunal (NCLT) in this matter.

The notice, issued by a two-member bench of the NCLT led by its President- Ramalingam Sudhakar, was delivered after Dublin-based aircraft leasing company, Aircastle, submitted a petition to initiate the insolvency process against SpiceJet, IANS reported.

The Tribunal has asked SpiceJet to be present at a hearing of the matter on May 17 this year.

According to the report, a SpiceJet spokesperson said that the notice was issued routinely in connection with the Aircastle matter.

They said that in the Aircastle issue, "the notice has been issued in the normal course. There was no adverse ruling against SpiceJet. The court has recognised the fact that the parties are under settlement discussions, and they can continue to pursue the same."

The spokesperson also confirmed that the flight operations of the low-budget carrier are not impacted due to the issue.

09/05/2023 ET Now

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