The National Company Law Tribunal deferred the hearing of three insolvency pleas filed by lessors against SpiceJet.
The pleas, filed by Aircastle Ireland Limited and Wilmington Trust (SP) services, have now been deferred to August 17 and August 8, respectively. Aircastle had filed two insolvency petitions, out of which one has been adjourned to August 8, while other has been adjourned to August 17.
In the first case, Aircastle told the court that it has also filed a response to SpiceJet's application questioning the maintainability of the Aircastle's insolvency plea.
SpiceJet told the tribunal that it wishes to file a rejoinder to Aircastle's response and urged it to grant it 10 days' time.
The tribunal accordingly posted the case to August 8.
In the second case, NCLT asked Aircastle to explain how a second insolvency petition is maintainable against SpiceJet since its first insolvency plea is already pending consideration.
Aircastle's lawyer argued that the law permits a second insolvency petition since the dues payable by SpiceJet arise of two separate contracts executed for different purposes, two insolvency pleas are also maintainable. The lawyer argued that there are judgments in his favour and urged the court to permit him to cite them.
The tribunal adjourned the plea to August 17 and directed the lawyer convince them on the maintainability of the plea.
SpiceJet argued that Wilmington assigned their contract to Aircastle.
When the insolvency plea filed by Wilmington came up for hearing, SpiceJet argued that Wilmington had already assigned its contract of lease to Aircastle and hence this is not maintainable.
Wilmington contended that this was not the case and convinced the tribunal of the same. The tribunal deferred the hearing of the case to August 8.