SpiceJet (SG, Delhi International) has defeated one of several efforts have it declared insolvent after its legal counsel successfully argued against the maintainability of the case. On December 4, 2023, Justices Mahendra Khandelwal and Rahul Prasad Bhatbagar of the New Delhi bench of the National Company Law Tribunal (NCLT), dismissed the petition by Willis Lease Finance to have the LCC declared insolvent.
Willis, via multiple special purpose vehicles (SPVs) has variously placed 13 engines at SpiceJet. The Florida-based lessor was claiming some USD11 million, alleging the airline had failed to make lease payments on 11 of those engines. Willis withdrew the initial insolvency petition (case no. C.P. (IB)-121/2023) in March after it reali…
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