Tribunal Notice To SpiceJet On Foreign Aircraft Lessor's Insolvency Request

The National Company Law Tribunal today issued a notice to SpiceJet on a petition filed by an aircraft lessor seeking initiation of insolvency resolution proceedings against the budget carrier and the next hearing is scheduled for May 17. The petition was filed by Aircastle (Ireland) Ltd.

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 latest development also comes at a time when crisis-hit rival Go First has filed for voluntary insolvency resolution proceedings.

Aircastle filed the petition against SpiceJet on April 28.

Last week, SpiceJet said there were no aircraft from Aircastle in the airline's fleet and that the filing of the petition will in no way affect its operations.

According to the NCLT website, two more petitions for insolvency resolution proceedings against SpiceJet are pending before it.

The plea by Willis Lease Finance Corporation was filed on April 12 and the one by Acres Buildwell Private Ltd was filed on February 4.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)