Lessor Willis' insolvency plea against SpiceJet put off till July 21

The National Company Law Tribunal (NCLT) Tuesday adjourned the insolvency plea filed by aircraft engine lessor Willis Lease Finance Corporation against SpiceJet and listed it for July 21.

Willis Lease had filed a Section 9 application under Insolvency and Bankruptcy Code, 2016, to initiate insolvency proceedings against SpiceJet on April 12. The engine lessor claims that SpiceJet owes it $6.87 million.

The senior counsel appearing for SpiceJet raised questions on the maintainability of the petition. The senior counsel appearing for Willis Lease will have to satisfy the bench on whether the earlier notice issued under Section 8 of the IBC could also be used for this petition.


Section 8 of the IBC stipulates, "An operational creditor may, on the occurrence of a default, deliver a demand notice of unpaid operational debt or copy of an invoice demanding payment of the amount involved".