SpiceJet (SG, Delhi International) continues its push to have insolvency proceedings brought against it dismissed, most recently telling India's bankruptcy court, the National Company Law Tribunal (NCLT), that cases filed by Wilmington Trust SP Services (Dublin) and Celestial Aviation Services Ltd were not maintainable.
In a September 15 appearance before the NCLT, Sanjay Gupta, appearing for SpiceJet, argued that Wilmington was the trustee of the aircraft at the centre of the dispute, not the owner. He said the owner was Aircastle, noting that the relevant lease invoices were issued to Aircastle (Ireland) Ltd. This is not a fresh argument from SpiceJet's counsel. Previously, ch-aviation reported that during an August 18 hearing, counsel made the same argument, which Ajay Kumar, appearing for Wilmington, rebutted by saying India's Directorate General of Civil Aviation (DGCA) had issued a certificate of aircraft registration that named Wilmington as the lessor.
Last week, Gupta also told the tribunal that five creditors had teamed up to file the single Celestial insolvency petition, and that it should be dismissed on that basis.
In a separate hearing, counsel for SpiceJet has also asked the NCLT to dismiss insolvency proceedings brought against it by Aircastle. That lessor has two insolvency petitions filed against SpiceJet. Another lessor, Willis Lease Finance, is also seeking the recovery of engine lease debts via a winding-up order. Outside of India, six lessors have active cases running against SpiceJet in the UK's commercial courts. In 2021, Wilmington was one of three claimants that won redress in a UK High Court lawsuit against SpiceJet. In that matter, Wilmington was not acting not in its own name but as trustee for BOC Aviation (Ireland) Ltd in matter concerning the lease of a B737-800 then registered as VT-SZJ (msn 41397).
