NCLT Sends Notice To SpiceJet On Lessor's Insolvency Plea, Seeks Reply
Listen to This Article
The National Company Law Tribunal(NCLT), Delhi on Monday sought a response from Spicejet on a plea by the airline’s lessor Aircastle over unpaid dues.
Dublin-based Aircastle moved the NCLT seeking the initiation of insolvency proceedings against the airline under Section 9(application for initiation of corporate insolvency resolution process by the operational creditor) of the Insolvency and Bankruptcy Code.
A two-member Principal bench of President Ramalingam Sudhakar and Member Avinash K Srivastava issued a notice to Spicejet to file their reply. The next hearing in the matter is on May 17.
Commenting on the case, a Spicejet spokesperson said, “In the Aircastle issue, notice was issued in the normal course. There was no adverse ruling against SpiceJet. The court has recognised the fact that parties are under settlement discussions and they can continue to pursue the same.”
According to the NCLT website, two more petitions for insolvency resolution proceedings against SpiceJet are pending. The plea by Willis Lease Finance Corporation was filed on April 12 and the one by Acres Buildwell Private Ltd was filed on February 4.
The Battle For Depositors: US Lenders Ramp Up Efforts Amidst Rate Uncertainty
In the competitive landscape of the US banking sector, retaining depositors is paramount for lenders seeking to maintain... Read more
Beyond Capital: Unveiling The Complexities Of Bank Failure Prediction
In the realm of banking, the ability to predict and prevent failures is paramount for financial stability and consumer c... Read more
Central Banks And The Economic Horizon: Steering Through Uncertaintie
In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more
Transforming Financial Operations With Robotic Process Automation
Author: Ricardo Goulart ... Read more
The Role Of Machine Learning In Fraud Detection
Author: Gerardine Lucero  ... Read more
Principles Of Islamic Banking And Finance
When it comes to banking, a significant new contender has entered the ring. The principles of Islamic banking and financ... Read more