NCLAT dismisses insolvency plea against SpiceJet
The National Company Law Appellate Tribunal ( NCLAT) has dismissed a plea for initiation of insolvency proceedings against Spicejet by Ramco SystemsNSE 1.53 % 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.
