NCLT postpones aircraft lessor's insolvency plea against SpiceJet

The National Company Law Tribunal on Friday (June 16) adjourned the insolvency pleas filed by aircraft lessor Wilmington SP Trust Services against SpiceJet. and listed it for July 17.

The senior counsel appearing for SpiceJet argued that Aircastle (Ireland) and Wilmington SP Trust Services were the same entity and so this was the third petition filed by Aircastle (Ireland).

Aircastle (Ireland) has filed two separate petitions to initiate a corporate insolvency resolution process against the airline. The invoices raised by Wilmington for aircraft leases were in the name of Aircastle (Ireland), the lawyer claimed.

The counsel appearing for Wilmington argued that the Directorate General of Civil Aviation had registered Wilmington as a separate entity from Aircastle (Ireland), and the two cannot be treated as the same.

The tribunal had raised questions about the maintainability of the second insolvency plea filed by Aircastle on June 13. It asked the petitioner to satisfy the court if two petitions by the same operational creditor against the same corporate debtor could be filed.

The two petitions filed by Aircastle (Ireland) and the one by Wilmington SP Trust are now listed for July 17.

Besides these two aircraft lessors, engine leasing company Willis Lease Finance Corp has also filed an insolvency plea against SpiceJet, which is listed for July 4.

-B