NCLT dismisses Wilmington Trust's insolvency plea against SpiceJet

In some relief for low-cost carrier SpiceJet, the National Company Law Tribunal (NCLT) dismissed an insolvency plea by aircraft lessor Wilmington Trust SP Services (Dublin).

Source: PTI

Wilmington Trust is one of five lessors that had approached the NCLT with a plea to admit SpiceJet into insolvency over unpaid dues.

Source: X Photo

Willis Lease Finance, Celestial Aviation, Aircastle, and Alterna Aircraft are the other lessors.

Source: SpiceJet

A similar plea from Willis Lease Finance was also dismissed by the tribunal. However, pleas from the remaining lessors are still pending.

Source: X Photo

During the proceedings, SpiceJet submitted various documents, such as lease agreements and invoices, to show that Wilmington was not an actual operational creditor but merely acting as a trustee.

Source: SpiceJet

SpiceJet is facing legal disputes with other lessors over pending dues as well.

Source: PTI

The Delhi HC ordered SpiceJet to pay $4 million to two engine lessors, Team France 01 SAS and Sunbird France 02 SAS, by 15 February. Failure to do so could lead to grounding of the leased engines.

Source: ANI

The airline said it now has a bank balance of more than Rs 900 crore, including 160 crore received as an instalment under the government's Emergency Credit Line Guarantee Scheme.

Source: ANI