Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

NCLT asks SpiceJet to reply to insolvency plea in 15 days

8 May 2024 , 01:11 PM

The carrier SpiceJet was given a deadline of 15 days by the National Company Law Tribunal (NCLT) to respond to Aircastle (Ireland) Limited’s insolvency petition.

The power of attorney holder’s ability to represent an operating creditor in a corporate insolvency resolution procedure (CIRP) petition will now be examined by the tribunal.

SpiceJet’s legal representative has previously questioned the petition’s maintainability, arguing that it was submitted by the power of attorney holder on behalf of the operational creditor, which is against the law.

The legal representative for SpiceJet contended that Aircastle, the lessor, had submitted an additional petition against the airline, and that the Insolvency and Bankruptcy Code, 2016 prohibits the filing of multiple petitions against the same corporate debtor.

Aircastle’s attorney argued that the petitioner’s power of attorney was maintainable under IBC since it was supported by a board resolution that Aircastle had enacted.

The lessor’s attorney contended that two petitions submitted by Aircastle pertained to two distinct obligations incurred by SpiceJet. Each petition concerned SpiceJet’s approximately ₹50 crore debt pertaining to unpaid leasing fees for two Boeing aircraft.

For feedback and suggestions, write to us at

Related Tags

  • NCLT
  • spicejet
sidebar mobile


Read More
Knowledge Centerplus

Logo IIFL Customer Care Number
1860-267-3000 / 7039-050-000

Logo IIFL Securities Support WhatsApp Number
+91 9892691696

Download The App Now

Knowledge Centerplus

Follow us on


2024, IIFL Securities Ltd. All Rights Reserved

  • Prevent Unauthorized Transactions in your demat / trading account Update your Mobile Number/ email Id with your stock broker / Depository Participant. Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." - Issued in the interest of investors.
  • KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
  • No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account." is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to Rs. 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
Copyright © IIFL Securities Ltd. All rights Reserved.

Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248

We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.