NEW DELHI: The NCLT issued a cash shortage notice on Monday SpiceJet to a petition submitted by an Irish based company Airplane Landlord castle in the air (Ireland) which is seeking the opening of insolvency proceedings against the airline. The next hearing is scheduled for May 17th. Aircastle filed the petition against SpiceJet on April 28.
A SpiceJet spokesman said: “A notice has been issued as normal on the Aircastle issue. There was no adverse judgment against SpiceJet. The court has recognized the fact that the parties are in settlement talks and they can continue to pursue them. ”
The NCLT website reveals that two more filings for bankruptcy resolution are pending against SpiceJet. Engine supplier Willis Lease Finance Corporation filed its lawsuit on April 12 and Acres Buildwell on February 4. SpiceJet has been behind on statutory payments such as PF to employees and the filing of tax withheld at source (TDS) for several months.
SpiceJet has been trying to raise funds for a long time. This February, SpiceJet’s largest lessor – Carlyle Aviation Partners – had decided to convert $100 million to the airline into shares and mandatory convertible notes (CCDs). “As part of the ongoing restructuring at aircraft lessors… All of these CCDs are transferred to the aircraft lessors who agree to exchange their lease liabilities…. ‘ the company said at the time.
A SpiceJet spokesman said: “A notice has been issued as normal on the Aircastle issue. There was no adverse judgment against SpiceJet. The court has recognized the fact that the parties are in settlement talks and they can continue to pursue them. ”
The NCLT website reveals that two more filings for bankruptcy resolution are pending against SpiceJet. Engine supplier Willis Lease Finance Corporation filed its lawsuit on April 12 and Acres Buildwell on February 4. SpiceJet has been behind on statutory payments such as PF to employees and the filing of tax withheld at source (TDS) for several months.
SpiceJet has been trying to raise funds for a long time. This February, SpiceJet’s largest lessor – Carlyle Aviation Partners – had decided to convert $100 million to the airline into shares and mandatory convertible notes (CCDs). “As part of the ongoing restructuring at aircraft lessors… All of these CCDs are transferred to the aircraft lessors who agree to exchange their lease liabilities…. ‘ the company said at the time.
