NCLT notice to SpiceJet on Aviator ML's insolvency plea, to hear Dec 10
This story was originally published at 13:43 IST on 11 November 2024
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NEW DELHI – The Delhi bench of the National Company Law Tribunal Monday issued a notice to SpiceJet Ltd on a petition by its lessor Aviator ML 29641 to start insolvency proceedings against the airline for unpaid dues of INR 586.45 million. The tribunal gave the airline two weeks to reply to Aviator ML's insolvency plea and listed the case for hearing on Dec. 10.
In 2010, SpiceJet entered into an aircraft lease agreement with MCAP Europe Ltd. regarding one Boeing model 737-800 aircraft. In 2017, the aircraft was sold by MCAP Europe to Aviator ML. Consequently, the original lease agreement was modified on the same terms and conditions.
Aviator ML said its claim relates to the lease rental of aircraft. It said that the Section 8 notice under the Insolvency and Bankruptcy Code, 2016, was sent to SpiceJet. On Oct. 14, the tribunal had asked Aviator ML to file SpiceJet's reply to the Section 8 notice. Monday, the tribunal noted that SpiceJet's reply was filed by the lessor.
At 1217 IST, shares of SpiceJet Ltd were trading 0.6% higher at INR 60.06 on the BSE. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Surya Tripathi
Edited by Deepshikha Bhardwaj
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