Lessor Aircastle files case against SpiceJet to initiate insolvency process

Aircastle, one of the lessors of SpiceJet, has filed a case at the National Company Law Tribunal (NCLT) seeking initiation of an insolvency process against the airline for non-payments of dues.

The case has been filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, which allows an operational creditor, which has not received payment from the corporate debtor, to file a case with NCLT to initiate a “corporate insolvency resolution process”.

The first hearing of Aircastle’s case will take place on Monday at the Delhi bench of NCLT. SpiceJet has been making losses since FY19.