The NCLT website shows that two more petitions for insolvency resolution proceedings against SpiceJet are pending. Engine supplier Willis Lease Finance Corporation filed its plea on April 12 and infra company Acres Buildwell on February 4.
Ireland-based aircraft lessor Aircastle filed the petition against SpiceJet on April 28 and it will be heard by NCLT’s principal bench on May 8, according to the tribunal’s website. Commenting on this, a SpiceJet spokesperson said, “Currently, there are no aircraft from this lessor in our fleet. All aircraft from this lessor have already been returned by SpiceJet. This development, in no manner, affects our operations or operating fleet.”
“We are confident of resolving the matter without court proceedings and we are in discussions with their senior leadership team for the same. The comments provided here are without prejudice to our rights and in no way should be deemed as admission of any liabilities,” the airline spokesperson added.
NCLT had on Thursday reserved its verdict on Go First’s voluntary insolvency plea.
Regarding Acres case, SpiceJet sources say both parties have already filed a joint application in NCLT to settle the matter. And sources add the Willis matter is yet to be admitted by NCLT and that no notice has been issued to SpiceJet so far. Sources claim the airline does not have any engines from Willis at the moment and all were returned about a year back.
Executives of SpiceJet, which has been trying to raise funds for a long time now, say the company “continues its efforts to have an out of court settlement with all our business partners (few of which are disputed as well) and have successfully settled the same”.
This February, SpiceJet’s biggest lessor – Carlyle Aviation Partner – had decided to convert $100 million dues into equity shares and compulsorily convertible debentures (CCDs). It picked up over 7.5% in SpiceJet and a part of the dues are to be converted into CCDs of SpiceXpress. “As a part of ongoing restructuring with aircraft lessors…. all these CCDs will be transferred to those lessors who agree to exchange their lease liabilities….,” the company had said.
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