NCLT Issues Notice to SpiceJet on Aircastle (Ireland) Ltd. Insolvency Petition

NCLT Issues Notice to SpiceJet on Aircastle (Ireland) Ltd. Insolvency Petition

The National Company Law Tribunal (NCLT), Delhi issued notice to SpiceJet on a petition filed by an aircraft lessor - Aircastle (Ireland) Ltd., seeking initiation of insolvency resolution proceedings against the budget carrier.

The two-member Principal bench comprising of Justice Ramalingam Sudhakar (President) and Avinash K. Srivastava (Technical Member), issued the notice to SpiceJet and directed to list the matter on 17th May for next hearing.

The petition was filed by Aircastle (Ireland) Ltd.

A SpiceJet spokesperson said that there was no adverse ruling against SpiceJet. The NCLT had admitted the fact that parties are under settlement discussions and they can continue to pursue the same.

On 28 April, 2023 Aircastle had filed the petition against SpiceJet.

SpiceJet in its statement, last week said that there were no aircrafts from Aircastle in the airline’s fleet and that the filing of the petition would in no way impact on the airline's operations.

The latest development also comes at a time when crisis-hit rival Go First has filed for voluntary insolvency resolution proceedings.