More trouble for cash-strapped airline SpiceJet as one more lessor Alterna Aviation has moved to the National Company Appellate Tribunal (NCLT) demanding $11.4 million in two cases.
Alterna Moves to NCLT Against SpiceJet
Irish Lessor Alterna Aircraft BV Limited has moved to the National Company Appellate Tribunal (NCLT) with an insolvency plea to recover $11.1 million and GBP 265,000 from SpiceJet. This amount accounts for $11.4 million. In Indian Rupees, this means Rs 94.75 crore.
The lessor claims that the High Court of England and Wales awarded these amounts to the lessor in a hearing in March 2023. Neither SpiceJet appealed against the order, nor paid the money. After a wait of more than 8 months, the lessor has knocked on the doors of NCLT for award execution.
The case was heard on January 4 & 5. The lessor claimed this amount to financial debt under the IBC Code, 2016. Counsel representing SpiceJet argued that the Indian Insolvency and Bankruptcy Code (IBC) is not for money recovery. SpiceJet questioned the maintainability of the plea filed by the lessor. After an exhaustive hearing, the case was adjourned for next hearing after one month on February 8.
SpiceJet, Lessors, and Court Cases
SpiceJet, Lessors, and Court Cases – This is an unending love story. In the National Company Appellate Tribunal (NCLT), 3 aircraft lessors and a tech services provider have moved insolvency pleas against the airline. The aircraft lessors are – Aircastle Ireland Ltd, Wilmington Aviation, and Celestial Aviation. There was one more plea from Willis Lease Finance. NCLT dismissed it on grounds of maintainability issues.
In the Delhi High Court, 4 suits are pending against the airline by the lessors. High Court recently warned the airline to pay $450,000 to an engine lessor by January 3 or face consequences.
The engine lessors were Team France 01 SAS and Sunbird France 02 SAS. They filed a suit demanding $12.9 million from the airline. They asked the court to restrain the airline from using their 3 engines. The court instructed the airline to submit an affidavit including the plans to redeliver the 3 engines.
SpiceJet has recently received approval to raise funds worth Rs 2,250 crore by issuing equity shares and warrants to more than 60 companies. Mumbai-based business couple Harihara and Preeti Mohapatra will onboard the airline by investing Rs 1,100 crore in return for a 21.98% stake.
Source : Moneycontrol