Wednesday, August 09, 2023

India's SpiceJet hit with another insolvency petition

Another lessor has commenced insolvency proceedings against SpiceJet (SG, Delhi International), with Celestial Aviation Services Limited (UK) lodging a petition at India's National Company Law Tribunal (NCLT) to try to push the beleaguered carrier into the corporate insolvency resolution process (CIRP).

NCLT records indicate Celestial filed its insolvency petition on June 3, 2023. The case, formally known as Celestial Aviation Services Limited vs SpiceJet Limited (case no: C.P. (IB) - 441/2023), will proceed before the Delhi bench of the NCLT. It was listed for mention on August 3, with Nitin Sarin appearing for Celestial and Sanjay Gupta, Nikhil Jain, and Krishnendu Dutta all appearing for SpiceJet. The court adjourned the matter until August 18.

Celestial joins a conga line of lessors attempting to push SpiceJet into insolvency, with NCLT records also showing Wilmington Trust SP Services (Dublin), Willis Lease Finance Corporation, and Aircastle (Ireland) Limited all have pending cases before the tribunal. 

09/08/2023 ch-aviation

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