Unpaid Dues
NCLT notice to SpiceJet on Sabarmati Aviation's insolvency plea
This story was originally published at 19:58 IST on 18 November 2024
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NEW DELHI – The Delhi bench of the National Company Law Tribunal on Monday issued a notice to SpiceJet Ltd. on a petition by its lessor Sabarmati Aviation Leasing Ltd. for an unpaid amount of $5 million. However, the tribunal refused to issue notice to SpiceJet on JetAir 17 Ltd.'s plea for an unpaid amount of $27 million, as the airline contested the maintainability of the petition.
Appearing for SpiceJet, lawyer Krishnendu Dutta said that the airline would file a response to JetAir's plea on maintainability. Dutta said that the airline had not entered into a lease agreement with JetAir, but with an entity called Wilmington Trust. Dutta said there were no documents showing how JetAir inherited the interest from Wilmington Trust.
JetAir's counsel Kunal Tandon said Wilmington Trust had transferred its interest in the lease to JetAir. As a result, JetAir was empowered to file an insolvency plea against the airline, the counsel said. The court asked JetAir to show documents of the transfer of interest in the lease from Wilmington Trust at the next hearing date.
On Monday, shares of SpiceJet Ltd. ended 0.8% higher at INR 55.79 on the BSE. End
US$1 = INR 84.39
Reported by Surya Tripathi
Edited by Avishek Dutta
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