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Informative

Insolvency Plea over ₹68 Crore default: NCLT issues notice to SpiceJet

Update / Judgement Date

27 Oct 2024

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

Corporate Law & GovernanceInsolvency & Bankruptcy Code

The National Company Law Tribunal (NCLT) has issued a notice to SpiceJet in response to an insolvency plea filed over a Rs 68 crore default. The plea was filed by an aircraft lessor, alleging that SpiceJet failed to pay dues for leased aircraft. The NCLT’s notice marks the beginning of insolvency proceedings against the airline, which has been facing financial difficulties. The tribunal’s decision to issue the notice indicates that the case will be examined in detail, and SpiceJet will have to respond to the allegations. This development is a significant step in the ongoing financial challenges faced by the airline.