Spicejet was served with a notice on Monday by the National Company Law Tribunal, which was in response to a petition that was submitted by the aircraft leasing business Aircastle (Ireland) Ltd.
The next hearing is set to take place on May 17 in regard to Aircastle’s request to initiate insolvency resolution proceedings against the low-cost airline.
A two-person panel of the tribunal issued the notice to SpiceJet and asked it to schedule the case for the next hearing on May 17. The President of the NCLT, Ramalingam Sudhakar, presided over the bench, while one of the bench’s other member was Ramalingam Sudhakar.
SpiceJet was not subject to any rulings or decisions that were unfavorable. According to a representative for SpiceJet, “the court has acknowledged the fact that the parties are currently engaged in settlement discussions, and they are free to continue pursuing the same.” According to him, the notification that was sent out by NTCL was completely in line with what would be expected.
This notification comes at a time when SpiceJet’s competitor, Go First, has submitted a petition to begin the process of voluntary insolvency resolution.
On April 28th, Aircastle submitted its case to the court against SpiceJet.
SpiceJet said the week before last when questioned about the aircraft from Aircastle that there are no aircraft in the airline’s fleet and that the filing of the petition would in no way impair the operations of the company in any manner.
The website of the National Company Law Tribunal (NCLT) also reveals that two further petitions for insolvency resolution procedures involving SpiceJet are now pending before the tribunal.
