SpiceJet: Irish lessor files bankruptcy petition against SpiceJet – Times of India

New Delhi: An aircraft lessor, air forthas filed insolvency resolution proceedings against the cash-strapped spicejet, National Company Law Tribunal (NCLT)NCLT) will hear the matter next week.
The NCLT website shows that two more petitions are pending for insolvency resolution proceedings against SpiceJet. engine supplier Willis Lease Finance Corporation On 12 April and infra company Acres Buildwell filed its petition on 4 February.
According to the tribunal’s website, Ireland-based aircraft lessor Aircastle filed the petition against SpiceJet on April 28 and the principal bench of NCLT will hear it on May 8. Commenting on the same, a SpiceJet spokesperson said, “At present, we do not have any aircraft from this lessor in our fleet. All aircraft from this lessor have already been returned by SpiceJet. This development will in no way affect our operations.” or does not affect the operational fleet.”
“We are confident of resolving the matter without court proceedings and we are in discussion with their senior leadership team for the same. The comments provided herein are without prejudice to our rights and in any way should not be construed as admission of liabilities.” the airline spokesperson added.
The NCLT on Thursday reserved its order on the voluntary insolvency plea of ​​GoFirst.
Regarding the Akers case, sources in SpiceJet say that both the parties have already filed a joint application in the NCLT to settle the matter. Sources say that the Willis case is yet to be accepted by the NCLT and no notice has been issued to SpiceJet so far. Sources claim that the airline does not currently have any Willis engines and all were returned about a year ago.
Officials of SpiceJet, which has been trying to raise funds for a long time, say that the company is “continuing its efforts to reach an out-of-court settlement with all our business partners (some of whom are in dispute) and successfully resolved.” Same”.
This February, SpiceJet’s largest lessor – Carlyle Aviation Partners – had decided to convert its $100 million dues into equity shares and compulsorily convertible debentures (CCDs). It acquired over 7.5% in SpiceJet and a part of the outstanding amount is to be converted into CCDs. spiceexpress, The company had said, “As a part of the ongoing restructuring with the aircraft lessors… all these CCDs will be transferred to the lessors who agree to exchange their lease liabilities.”