The National Company Law Tribunal (NCLT) in Delhi is scheduled to hear the maintainability of Aircastle (Ireland) Limited’s second insolvency petition against SpiceJet, a low-cost carrier, on June 17. Aircastle, an aircraft lessor, has filed this plea in addition to their initial petition on April 28, which sought to initiate insolvency proceedings against SpiceJet under Section 9 of the Insolvency and Bankruptcy Code (IBC) due to unpaid dues totaling approximately INR 49 crore.
During the proceedings, the NCLT requested Aircastle’s counsel to provide an explanation regarding the maintainability of their second plea against the same defaulter, SpiceJet. The tribunal highlighted that according to the IBC, a creditor is entitled to file only one insolvency plea at a time. If insolvency proceedings are already underway against a corporate debtor, additional claims for outstanding dues can be raised with the resolution professional responsible for overseeing the company during the insolvency process.
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The NCLT expressed concerns that filing multiple insolvency pleas for various claims of unpaid dues could undermine the intent of the IBC and burden the company law tribunals. The question before the tribunal now revolves around whether a creditor can initiate simultaneous proceedings against a single defaulter. Aircastle is expected to present its arguments during the next hearing on June 17.
In addition to Aircastle’s petitions, three more insolvency resolution proceedings against SpiceJet are pending. Willis Lease Finance Corporation filed a petition on April 12, Acres Buildwell Private Ltd filed on February 4, and Wilmington Trust SP Services (Dublin) Ltd filed on June 11. The hearing for Willis Lease Finance Corporation’s petition is scheduled for July 4, while Wilmington Trust SP Services (Dublin) Ltd’s plea will be heard on June 16.
