The National Company Law Tribunal, in the petition filed by aircraft lessor Wilmington Trust SP Services (Dublin) Ltd for initiating the corporate insolvency resolution process, adjourned the matter on Monday. The matter is likely to be listed on July 16.
This is the third case filed by the company against the airline. Two other cases under Section 9 of the Insolvency and Bankruptcy Code, 2016, have been filed by aircraft lessor Aircastle (Ireland) Ltd and engine lessor Willis Lease Finance Corporation.
Aircastle (Ireland) filed a CIRP petition against Spicejet on April 28, which is listed before the bench on July 17.
Spicejet, on June 5, had filed an application in the Aircastle (Ireland) case, questioning the maintainability of the petition. The senior counsel appearing for Spicejet claimed two defects in the petition and argued that given that the debt fell due on February 2021, it was protected from default under Section 10 of the IBC, 2016.
Wilmington and Aircastle (Ireland) had got two aircraft deregistered from the Director General of Civil Aviation in March under the provisions of Irrevocable De-registration and Export Request Authorisations (IDERA), according to an ET report.
The lessor invokes an IDERA to deregister and repossess aircraft following default on rental payments.
The Willis Lease Finance Corporation petition is listed before the Court for July 4.
Source: Economic Times