Spicejet faces another insolvency plea from operational creditor; NCLT issues notice
3 months, 2 weeks ago

Spicejet faces another insolvency plea from operational creditor; NCLT issues notice

The Hindu  

The National Company Law Tribunal on Monday issued notice to debt-ridden air carrier SpiceJet over the plea filed by one of its operational creditors. SpiceJet is already facing several insolvency petitions from creditors, including Willis Lease, Aircastle Ireland Ltd, Wilmington and Celestial Aviation at NCLT and the appellate tribunal NCLAT. The latest petition is by Techjockey Infotech Pvt Ltd, an operational creditor, filed under section 9 of the Insolvency & Bankruptcy Code, through Karanjawala & Co. Techjockey Infotech claimed a default of nearly ₹1.2 crore owed by SpiceJet against software services availed by them and requested to initiate a corporate insolvency resolution process against the air carrier. Both Wilmington Trust and Willis Lease Finance have moved the National Company Law Appellate Tribunal challenging the dismissal of their insolvency plea by NCLT.

Insolvency Operational Creditor Nclt Wilmington Spicejet Willis Lease  filed  wilmington  notice  lease  creditor  willis  nclt  tribunal  issues  operational  finance  spicejet  plea  faces  insolvency

History of this topic

SpiceJet insolvency claims: Are creditors leveraging IBC forum for settlements?
1 month, 1 week ago

SpiceJet insolvency claims: Are creditors leveraging IBC forum for settlements?

Live Mint  

India’s bankruptcy courts are indignant at being used by creditors as a tool to recover dues from companies that are not really bankrupt, and for wasting their time. “SpiceJet’s case highlights a growing trend where creditors use the IBC forum to pressure corporate debtors into settlement," said Alay Razvi, managing partner at law firm Accord Juris. “SpiceJet’s case is unusual, …

Aircastle withdraws insolvency case against SpiceJet after $5.6 million settlement
1 month, 2 weeks ago

Aircastle withdraws insolvency case against SpiceJet after $5.6 million settlement

Live Mint  

New Delhi: In a relief for SpiceJet, Ireland-based aircraft lessor Aircastle has withdrawn its insolvency case against the budget airline after reaching a $5.6 million settlement. Aircastle was among the first lessors to file an insolvency plea against SpiceJet in 2023 for defaulted rental dues, as the airline faced mounting insolvency claims from lessors and vendors in Delhi’s insolvency court. …

NCLT issues notice to SpiceJet over plea by IT vendor
1 year, 1 month ago

NCLT issues notice to SpiceJet over plea by IT vendor

Live Mint  

The National Company Law Tribunal issued a notice to the cash-strapped private airline SpiceJet on Thursday in an insolvency case initiated by Raymach Technologies Pvt Ltd, a business consultancy for the IT and aviation industries. Bharat Arora, representing Raymach, said the company had consistently provided technical support staff to SpiceJet over the past four years. The tribunal, however, asked Raymach's …

SC clears SpiceJet’s Ajay Singh overseas travel amid dispute with Credit Suisse
1 year, 2 months ago

SC clears SpiceJet’s Ajay Singh overseas travel amid dispute with Credit Suisse

Live Mint  

New Delhi: The Supreme Court on Friday allowed SpiceJet's managing director Ajay Singh to travel overseas, deferring a hearing related to a dispute between the airline and Credit Suisse to December. The top court had, in earlier sessions, allowed SpiceJet some respite, letting it remit $1 million monthly to Credit Suisse for half a year to settle overdue amounts. Switzerland-based …

NCLAT upholds NCLT order allowing Go First's voluntary insolvency proceedings
1 year, 7 months ago

NCLAT upholds NCLT order allowing Go First's voluntary insolvency proceedings

Firstpost  

The National Company Law Appellate Tribunal on Monday upheld an NCLT order allowing crisis-hit Go First’s voluntary insolvency resolution proceedings. A two-member NCLAT bench asked several aircraft lessors of Go First opposing insolvency,to approach National Company Law Tribunal for any remedy. The lessors had opposed the decision of Delhi-based principal bench of NCLT, which had earlier this month allowed a …

SpiceJet says no plans to seek insolvency proceedings
1 year, 8 months ago

SpiceJet says no plans to seek insolvency proceedings

Deccan Chronicle  

New Delhi: Budget carrier SpiceJet on Thursday said it has no plans to file for insolvency proceedings and has also started the process of reviving its grounded fleet with USD 50 million. The statement from SpiceJet comes at a time when a lessor has filed an insolvency resolution plea against the airline and crisis-hit rival Go First being admitted for …

Monthly Digest Of IBC Cases: September 2022
2 years, 3 months ago

Monthly Digest Of IBC Cases: September 2022

Live Law  

Supreme Court IBC - Approval Of A Resolution In Respect Of One Borrower Cannot Discharge A Co-Borrower: Supreme Court Case Title: Maitreya Doshi vs Anand Rathi Global Finance Ltd Case No. 1037 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Justice M. Satyanarayana Murthy and Mr. Barun Mitra, has held that when the …

NCLT Delhi Issues Notice To Spicejet In An Insolvency Plea U/S 9 Of IBC
2 years, 3 months ago

NCLT Delhi Issues Notice To Spicejet In An Insolvency Plea U/S 9 Of IBC

Live Law  

The National Company Law Tribunal, New Delhi Bench, comprising of Shri P.S.N. Ltd. v Spicejet Ltd., has issued notice to Spicejet Ltd. to appear and file its Reply in a petition under Section 9 of IBC filed against it. Background Facts Spicejet Ltd. is engaged in affordable aviation business with domestic, international and charter flight facilities in India. In August …

Spicejet & Credit Suisse Settles Dispute, Plea In Supreme Court Withdrawn
2 years, 4 months ago

Spicejet & Credit Suisse Settles Dispute, Plea In Supreme Court Withdrawn

Live Law  

The Supreme Court on Thursday heard the plea of airline company SpiceJet Ltd., challenging the winding order passed by the Madras High Court on Thursday. The airline company stated that it had reached a settlement with the creditor and agreed to withdraw the Special Leave Petition filed against the Madras High Court's winding up order. Accordingly, the Madras High Court …

Matter With Credit Suisse Settled, Spicejet Tells Supreme Court; Seeks Listing Of Plea Against Winding Up Order
2 years, 7 months ago

Matter With Credit Suisse Settled, Spicejet Tells Supreme Court; Seeks Listing Of Plea Against Winding Up Order

Live Law  

Airline company Spicejet Ltd on Friday told the Supreme Court that it has reached a settlement with the creditor and sought an urgent listing of its plea challenging the winding order passed by the Madras High Court.The Madras High Court had passed the winding up order in December 2021 on a petition filed by Credit Suisse AG, a Switzerland based …

NCLAT Allows Dutch Administrator To Participate In Insolvency Proceedings Of Jet Airways
5 years, 3 months ago

NCLAT Allows Dutch Administrator To Participate In Insolvency Proceedings Of Jet Airways

Live Law  

The NCLAT has given its nod to offshore proceedings in the Jet Airways insolvency case by allowing the Administrator, Rocco Mulder, appointed by Dutch Insolvency Court to participate in the meetings of the Committee of Creditors. NCLT Mumbai had rejected the Administrator's prayer with the finding that the 'Dutch Court' had no jurisdiction in the matter of 'corporate insolvency resolution …

Jet Airways crisis: NCLAT allows Dutch court administrator to attend debt-laden airline's CoC meetings, sets aside NCLT order
5 years, 3 months ago

Jet Airways crisis: NCLAT allows Dutch court administrator to attend debt-laden airline's CoC meetings, sets aside NCLT order

Firstpost  

NCLT had barred Dutch Court Administrator from taking part in the Jet Airways insolvency proceedings in India. New Delhi: The National Company Law Appellate Tribunal has allowed the Dutch court administrator of Jet Airways to attend the Committee of Creditors meetings of the debt-ridden carrier. The Appellate Tribunal order came after the Resolution Professional of Jet Airways and Dutch Court …

NCLAT asks Jet Airways Interim Resolution Professional to cooperate with Dutch court administrator
5 years, 4 months ago

NCLAT asks Jet Airways Interim Resolution Professional to cooperate with Dutch court administrator

Firstpost  

The National Company Law Appellate Tribunal has directed the Resolution Professional of Jet Airways to cooperate with the Dutch Court Administrator, which is also conducting insolvency proceedings against the debt-ridden carrier New Delhi: The National Company Law Appellate Tribunal has directed the Resolution Professional of Jet Airways to cooperate with the Dutch Court Administrator, which is also conducting insolvency proceedings …

Insolvency proceedings initiated against debt-ridden Jet Airways; NCLT bench instructs resolution professional to file fortnightly progress report
5 years, 6 months ago

Insolvency proceedings initiated against debt-ridden Jet Airways; NCLT bench instructs resolution professional to file fortnightly progress report

Firstpost  

Jet Airways became the first domestic airliner to go into bankruptcy New Delhi: Insolvency proceedings have been initiated against debt-ridden Jet Airways, which formally stopped flying on 17 April and saw lenders voting for bankruptcy earlier this month. The cash-strapped company became the first domestic airliner to go into bankruptcy after the Mumbai bench of the National Company Law Tribunal …

NCLT admits insolvency plea against Jet Airways, posts matter for next hearing on 5 July; RP directed to finish process in three months
5 years, 6 months ago

NCLT admits insolvency plea against Jet Airways, posts matter for next hearing on 5 July; RP directed to finish process in three months

Firstpost  

NCLT will allow lenders led by SBI to sell the company as a whole or sell its assets and bring to end weeks of uncertainty over Jet Airways’ future The bankruptcy court, National Company Law Tribunal, on Thursday, decided to admit an insolvency petition against Jet Airways Ltd filed by its creditors in an attempt to salvage some of their …

Jet Airways crisis: NCLT asks operational creditors to again serve legal notices to airline, adjourns hearing to 20 June
5 years, 6 months ago

Jet Airways crisis: NCLT asks operational creditors to again serve legal notices to airline, adjourns hearing to 20 June

Firstpost  

The banks have appointed SBI Capital Markets as the investment banker to find an investor to scout investors for Jet Airways. By asking the two operational creditors — Shaman Wheels and Gaggar Enterprises — who have taken Jet Airways to NCLT, to again serve legal notices to the grounded airline, the tribunal is yet to admit the bankruptcy pleas. Jet …

Jet Airways crisis: Two operational creditors drag debt-laden airline to NCLT, next hearing on 13 June
5 years, 7 months ago

Jet Airways crisis: Two operational creditors drag debt-laden airline to NCLT, next hearing on 13 June

Firstpost  

The tribunal issued notices to Jet Airways and banks which own the airline now and posted the matter for further hearing on 13 June when it will decide on admitting or rejecting the bankruptcy pleas. Mumbai: In a major setback to the lenders’ revival/sale plan of the grounded Jet Airways, two operational creditors — Shaman Wheels and Gaggar Enterprises — …

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