In a relief to low-cost carrier SpiceJet, the National Company Law Tribunal on Monday dismissed an insolvency petition by aircraft lessor Willis Lease Finance Corporation which is claiming dues.
A two-member Delhi-based NCLT bench rejected the plea moved by US-based Willis Lease Finance Corporation after SpiceJet questioned the maintainability of the petition.
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SpiceJet opposed the plea contending that Willis Lease Finance Corp has withdrawn its insolvency plea for the same dispute in March 2023 and has approached again with a new plea.
During a hearing in July this year, the NCLT bench wanted to know from Willis Lease Finance Corp, as to how it filed a fresh petition again for a similar cause of action within a few months, without even sending a notice to SpiceJet as per the provisions of the Insolvency and Bankruptcy Code, 2016.
Besides Willis Lease, SpiceJet is facing insolvency pleas filed by three other aircraft lessors -- Aircastle Ireland Ltd, Wilmington, and Celestial Aviation.
During a hearing in September, the NCLT suggested settling with its lessors, which have filed a plea to initiate insolvency proceedings against it.
In August, SpiceJet allotted over 48 million shares to nine aircraft lessors to clear its dues.
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