Aircraft lessor Wilmington Trust SP Services (Dublin)has moved the National Company Law Tribunal (NCLT) to initiate insolvency against low cost carrier SpiceJet.
The matter is likely to come up for hearing on Monday, according the causelist on NCLT’s website.
Last month, the directorate general of civil aviation (DGCA) had de-registered three planes of SpiceJet at the request of lessors, and one of the aircraft belonged to Wilmington.
Wilmington is the third lessor to have moved the NCLT for recovering their dues from SpiceJet. Pleas by aircraft lessor Aircastle and engine lessor Willis lease finance are already pending in the tribunal.
The NCLT on May 8 issued notice in Aircastle’s plea and sought the airline’s response.
SpiceJet had accordingly filed a response to the plea. Aircastle sought for a short adjournment on May 25 to respond to the the airline’s reply. Subsequently, SpiceJet had filed an application questioning the maintainability of Aircastle’s insolvency plea. The case is expected to be heard by the tribunal on July 17.
On May 11, SpiceJet said it is taking steps to revive its grounded fleet using the $50 million it received from the government’s Emergency Credit Line Guarantee Scheme (ECLGS) and internal cash accruals, as it sought to quash rumours of insolvency.
SpiceJet has been maintaining that it has no intention of filing for insolvency and is focused on its business.