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Informist, Tuesday, Nov. 26, 2024

 

NEW DELHI – The Delhi bench of the National Company Law Tribunal Tuesday sought SpiceJet Ltd.'s reply on a petition by its lessor Alterna Aircraft V B Ltd. for an unpaid amount of $9.7 million. The tribunal will next hear the case on Jan. 20, 2025. 

 

The lessor of the low-cost airline has claims with respect to a foreign decree awarded by a UK court last year. In January, Alterna Aircraft had moved the tribunal and filed a petition under Section 7 of the Insolvency and Bankruptcy Code, relating to financial debt. However, the lessor had withdrawn its plea when the tribunal pointed out that dues recognised under a decree cannot be defined as debt under Section 7. Thereafter, the lessor filed its insolvency petition in the tribunal against SpiceJet under Section 9 of the insolvency code, relating to operational debt. 

 

Further, in a different case, Eusu Logistics India Pvt. Ltd. filed an insolvency petition against the airline under Section 9 of the insolvency code. Eusu Logistics claimed an unpaid amount of INR 12.66 million. The tribunal will hear this case on Dec. 9. 

 

At 1256 IST, shares of SpiceJet were up 1.2% at INR 58.09 on the BSE.  End

 

US$1 = INR 84.30

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Tanima Banerjee

 

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