Three aircraft lessors moved insolvency pleas against low-cost carrier SpiceJet in the National Company Law Tribunal (NCLT) on Thursday over a default of Rs 77 crore.

The tribunal has issued notices to SpiceJet in three insolvency pleas filed by aircraft lessors AWAS 36698 Ireland, AWAS 36694 Ireland, and AWAS 36695 Ireland. The matter has been deferred to May 30.

Senior Advocate Pramod Nair, appearing for the lessors, told the tribunal that the plea has been filed based on the judgment of the High Court of the United Kingdom and the contract between the parties.

Meanwhile, Senior Advocate Krishnendu Dutta, appearing for the airline, questioned the maintainability of the plea, saying it relies solely on the judgment of a foreign court rather than on the contract between the parties. He said the lessors have also moved the high court for execution of the foreign decree, thus approaching multiple forums for the same dispute. Moreover, the lessors have not even filed a single invoice that SpiceJet has defaulted on, he said.

The tribunal told the parties that such issues should be put to paper and directed the airline to file its response to the plea in two weeks.

Celestial Aviation, Willis Lease Finance, Aircastle, and Wilmington had also moved an application against SpiceJet in 2023 for outstanding dues.

The tribunal had rejected the insolvency applications from Wilmington Trust SP Services (Dublin) in January this year and Willis Lease Finance in December last year.

SpiceJet earlier this year had told the tribunal that they have ‘practically settled’ their dispute with aircraft lessor Celestial Aviation.

Meanwhile, the plea by Aircastle is reserved for judgment.

First Published: Apr 18 2024 | 7:05 PM IST