NCLT to hear lessors’ insolvency plea against SpiceJet on 21 July
NEW DELHI : The Delhi bench of National Company Law Tribunal (NCLT) on Tuesday adjourned the ongoing case involving aircraft engine lessor Willis Lease Finance Corporation’s petition to initiate the corporate insolvency resolution process against SpiceJet. The matter is now scheduled to be taken up by the tribunal on July 21. While doing so a bench led by Justice Mahendra Khandelwal questioned the maintainability of the petition since a similar petition was already filed by the lessor in May this year.
Opposing the lessors’ plea Krishnendu Dutta, senior counsel representing SpiceJet argued that it was filed for the same cause of action. In response, the petitioner (Willis) explained that their initial petition, filed on May 1, included 170 invoices, some of which fell within the period specified under section 10(A) of the IBC (Insolvency and Bankruptcy Code). However, they withdrew that petition on technical grounds and subsequently filed a new one, excluding those particular invoices.
Under Section 10A of the IBC, insolvency proceedings cannot be initiated if the alleged default occurs before 25 March 2020 to 25 March 2021, which is termed as the Covid Period. The counsel for Willis further informed the tribunal that the previous order, disposed of the section 9 insolvency petition, while granting the petitioner the liberty to refile it if necessary. The Willis counsel further argued that SpiceJet had not filed the affidavit until now and therefore did not have any no locus standi to question the maintainability of the petition.
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