Wilmington Trust Approaches NCLAT, Files Insolvency Appeal Against SpiceJet

Aircraft lessor Wilmington Trust SP Services has moved NCLAT, filing an appeal against an earlier order of NCLT, which had dismissed its insolvency plea against low-cost carrier SpiceJet.

Wilmington Trust's petition has been listed for hearing on Thursday before a bench headed by the Chairperson Justice Ashok Bhushan of the National Company Law Appellate Tribunal (NCLAT).

Earlier on January 29, the Delhi-based bench of the National Company Law Tribunal (NCLT) dismissed the insolvency petition filed by Wilmington Trust SP Services against SpiceJet.

Wilmington, the aircraft lessor based in Dublin, Ireland had moved the insolvency plea against SpiceJet in June 2023 over unpaid dues.

However, SpiceJet had argued before NCLT that Wilmington was a part of Aircastle, which had moved two insolvency pleas.

This was contended by Wilmington arguing that it was a trustee of Aircastle and under the Insolvency & Bankruptcy Code its plea was maintainable.

SpiceJet faced insolvency pleas filed by its aircraft lessors, including Willis Lease, Aircastle Ireland Ltd, Wilmington, and Celestial Aviation.

Earlier this month, Alterna Aircraft BV Ltd, another Ireland-based aircraft lessor withdrew its insolvency plea against SpiceJet at the National Company Law Tribunal (NCLT). The lessor plans to fight the same at an appropriate forum.

In December 2023, NCLT had also dismissed the insolvency plea filed by aircraft lessor Willis Lease.