New Delhi: Engine Lease Finance BV, the aircraft engine leasing company of SpiceJet, has filed an insolvency petition before the NCLT against the debt-ridden airline for non-payment of more than US $ 12 million (about Rs 100 crore).
Engine Lease Finance (ELF) has leased eight engines to SpiceJet. With interest and rent, ELF claims a sum of approximately US$16 million.
The matter was listed on Wednesday before the Delhi bench of the National Company Law Tribunal (NCLT), which heard it briefly. SpiceJet's counsel sought time to respond to the petition filed by Engine Lease Finance.On this, the bench of NCLT members Mahendra Khandelwal and Sanjay Ranjan directed SpiceJet to file its reply on the petition.
Headquartered in Shannon, Ireland, ELF is the world's leading independent engine financing and leasing company.
It entered into an agreement with SpiceJet in 2017 to lease engines. According to the petitioner, the low-budget carrier has been defaulting on payments since April 2021.
During the hearing, the lawyer appearing for SpiceJet argued that there was already a dispute between them.Earlier, ELF had approached the Delhi High Court against SpiceJet and sought possession after the lease of two engines ended in 2023.
The two parties later reached a settlement and the ELF decided not to pursue the matter further.
However, it again approached the High Court after accusing SpiceJet of failing to make payments as per the terms. The case is still pending before the Delhi High Court.
SpiceJet has faced insolvency petitions from several of its creditors including Willis Lease, Aircastle Ireland Limited, Wilmington and Celestial Aviation.NCLT dismisses pleas of Willis Lease Finance and Wilmington Trust, SpiceJet settles case with Celestial Aviation.
The petitions filed by Aircastle and Alterna Aircraft are pending before the insolvency tribunal.
Both Wilmington Trust and Willis Lease Finance have moved the National Company Law Appellate Tribunal (NCLAT) challenging the rejection of their insolvency petitions by the NCLT.
Engine Lease Finance (ELF) has leased eight engines to SpiceJet. With interest and rent, ELF claims a sum of approximately US$16 million.
The matter was listed on Wednesday before the Delhi bench of the National Company Law Tribunal (NCLT), which heard it briefly. SpiceJet's counsel sought time to respond to the petition filed by Engine Lease Finance.On this, the bench of NCLT members Mahendra Khandelwal and Sanjay Ranjan directed SpiceJet to file its reply on the petition.
Headquartered in Shannon, Ireland, ELF is the world's leading independent engine financing and leasing company.
It entered into an agreement with SpiceJet in 2017 to lease engines. According to the petitioner, the low-budget carrier has been defaulting on payments since April 2021.
During the hearing, the lawyer appearing for SpiceJet argued that there was already a dispute between them.Earlier, ELF had approached the Delhi High Court against SpiceJet and sought possession after the lease of two engines ended in 2023.
The two parties later reached a settlement and the ELF decided not to pursue the matter further.
However, it again approached the High Court after accusing SpiceJet of failing to make payments as per the terms. The case is still pending before the Delhi High Court.
SpiceJet has faced insolvency petitions from several of its creditors including Willis Lease, Aircastle Ireland Limited, Wilmington and Celestial Aviation.NCLT dismisses pleas of Willis Lease Finance and Wilmington Trust, SpiceJet settles case with Celestial Aviation.
The petitions filed by Aircastle and Alterna Aircraft are pending before the insolvency tribunal.
Both Wilmington Trust and Willis Lease Finance have moved the National Company Law Appellate Tribunal (NCLAT) challenging the rejection of their insolvency petitions by the NCLT.
