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NEW DELHI: The NCLT on Monday issued a notice to cash-strapped SpiceJet on a petition filed by Ireland-based aircraft lessor Aircastle (Ireland), which is seeking initiation of insolvency resolution proceedings against the airline. The next hearing is scheduled for May 17. Aircastle had filed the petition against SpiceJet on April 28.
A SpiceJet spokesperson said, “In the Aircastle issue, a 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. ”
The NCLT website shows two more petitions for insolvency resolution proceedings against SpiceJet are pending. Engine supplier Willis Lease Finance Corporation filed its plea on April 12 and Acres Buildwell had filed on February 4. SpiceJet has for several months been defaulting on statutory payments like PF to employees and in depositing tax deducted at source (TDS).
SpiceJet has been trying to raise funds for a long time. This February, SpiceJet’s biggest lessor — Carlyle Aviation Partner — had decided to convert $100 million dues to the airline into equity shares and compulsorily convertible debentures (CCDs). “As part of ongoing restructuring with aircraft lessors…. all these CCDs will be transferred to those aircraft lessors who agree to exchange their lease liabilities…. ,” the company had said then.
A SpiceJet spokesperson said, “In the Aircastle issue, a 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. ”
The NCLT website shows two more petitions for insolvency resolution proceedings against SpiceJet are pending. Engine supplier Willis Lease Finance Corporation filed its plea on April 12 and Acres Buildwell had filed on February 4. SpiceJet has for several months been defaulting on statutory payments like PF to employees and in depositing tax deducted at source (TDS).
SpiceJet has been trying to raise funds for a long time. This February, SpiceJet’s biggest lessor — Carlyle Aviation Partner — had decided to convert $100 million dues to the airline into equity shares and compulsorily convertible debentures (CCDs). “As part of ongoing restructuring with aircraft lessors…. all these CCDs will be transferred to those aircraft lessors who agree to exchange their lease liabilities…. ,” the company had said then.
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