Wilmington moves NCLAT in SpiceJet insolvency case

New Delhi: Wilmington Trust SP Services, Thursday, argued before the National Company Law Appellate Tribunal on Thursday to overturn the National Company Law Tribunal, Delhi's January order dismissing its insolvency petition filed against the budget airline SpiceJet.

Wilmington Trust SP Services contended that as a trustee, it could file an insolvency petition on behalf of operational creditors, which was the ground raised by NCLT, Delhi, to dismiss its petition. Counsel for Wilmington noted that NCLT, Mumbai, had passed orders in the past where it had allowed the trustee to file an insolvency petition. Wilmington filed an insolvency petition in NCLT, Delhi, in June last year over a debt of $11.2 million for leasing an aircraft to SpiceJet. The lease agreement was executed between Spicejet and BOC Aviation (Ireland) Limited for leasing a Boeing 737-800 Aircraft.

Later, through an amendment, BOC Aviation transferred its interest in the aircraft to Klaatu Aircraft Leasing (Ireland) Limited, now Aircastle (Ireland) Ltd.