On December 5, shares of SpiceJet witnessed a 3% surge, reaching a day’s high of Rs 47.7 per share, following the dismissal of a plea to initiate solvency proceedings against the airline by the National Company Law Tribunal (NCLT). The plea, filed by aircraft lessor Willis Lease Finance over unpaid dues, was deemed not maintainable by the tribunal.
In the past month alone, the stock of this low-cost carrier airline has soared by an impressive 22%, outpacing the 7% rise in the benchmark Sensex.
SpiceJet has faced insolvency pleas from three aircraft lessors in 2023 for non-payment of dues. Additionally, a tech services provider has also initiated an insolvency plea against the airline. While Aircastle Ireland, Wilmington, and Celestial filed petitions, seeking NCLT’s admission of SpiceJet into the insolvency process, Willis Lease Finance’s plea was dismissed on December 4, 2023, after the tribunal questioned its maintainability for over six months.
During the hearing, NCLT raised concerns about filing a fresh plea against SpiceJet for the same cause of action without prior notification. The tribunal also questioned the initiation of a new plea for the same cause of action without obtaining the court’s permission.
As of 12:34 pm, SpiceJet shares were trading 0.37% higher at ₹46.45.
