Spicejet Faces Yet Another Insolvency Plea

New Delhi: The National Company Law Tribunal (NCLT) on Monday issued notice to debt-ridden air carrier SpiceJet over the plea filed by one of its operational creditors. A two-member NCLT bench, comprising Mahendra Khandelwal and Sanjeev Tanjan, has directed Spicejet to file a reply and list the matter for the next hearing on November 14. SpiceJet is already facing several insolvency petitions from creditors, including Willis Lease, Aircastle Ireland Ltd, Wilmington and Celestial Aviation at NCLT and the appellate tribunal NCLAT.

The latest petition is by Techjockey Infotech Pvt Ltd, an operational creditor, filed under section 9 of the Insolvency & Bankruptcy Code, through Karanjawala& Co. Techjockey Infotech claimed a default of nearly Rs 1.2 crore owed by SpiceJet against software services availed by them and requested to initiate a corporate insolvency resolution process (CIRP) against the air carrier. It contended that its debt has been acknowledged by SpiceJet, though it has not been yet complied.

Earlier in June, NCLT had issued notice to SpiceJet over the petition filed by Engine Lease Finance (ELF). Based in Ireland, ELF is the world’s leading independent engine financing and leasing company and claimed a payment default of over $12 million (around Rs100 crore). The NCLT rejected the pleas of Willis Lease Finance and Wilmington Trust. Spicejet settled the case with Celestial Aviation.