The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea for initiation of insolvency proceedings against Spicejet by Ramco Systems Ltd, an operational creditor of the low-cost carrier. A two-member bench headed by Chairman Justice S J Mokhopadhaya upheld the orders passed by the National Company Law Tribunal (NCLT) in this matter saying that it has rightly rejected Ramco’s plea by observing that such petition requires strict proof of debt and default, which was absent in this case.
The appellate tribunal said there was nothing on record to suggest that the demand notice relating to invoices issued by Ramco System was forwarded or received by Spicejet. “For the reasons aforesaid, no relief can be granted,” said NCLAT.
