NCLT queries SpiceJet insolvency bid by engine lessor – ch-aviation
The Delhi bench of the National Company Law Tribunal (NCLT) has adjourned to July 21, a lessor’s bid to have SpiceJet (SG, Delhi International) declared insolvent. United States-based Willis Lease Finance Corporation is one of three lessors running cases against the Indian low-cost carrier in the NCLT.
In a July 4 hearing, Justice Mahendra Khandelwal queried the Willis petition, given they had previously filed a separate petition, with Krishnendu Dutta, appearing for SpiceJet, arguing that the second petition was for the same course of action as the first.
However, Virender Ganda, appearing for Willis Lease Finance, said the original petition had included some outstanding debts from between March 25, 2020, and March 25, 2021, the so-called “Covid-period.” Section 10A of the Indian Bankruptcy Code (IBC) bars debts incurred during this period from being used in insolvency petitions. Counsel for Willis said the second petition correctly excluded those debts. Willis is pursuing…
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source: https://news.oneseocompany.com/2023/07/09/nclt-queries-spicejet-insolvency-bid-by-engine-lessor-ch-aviation_2023070947417.html
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