NCLT asks SpiceJet to file
reply to Aircastle's petition in 15 days
National Company Law Tribunal (NCLT)
Tuesday directed carrier SpiceJet to submit its reply within 15 days to
Aircastle (Ireland's) Limited insolvency petition.
The tribunal will now examine if the
power of attorney holder can represent an operational creditor in a corporate
insolvency resolution process (CIRP) petition. SpiceJet's counsel had earlier
questioned the maintainability of the petition, reasoning that the petition was
filed by the power of attorney holder on behalf of the operational creditor
which is not permissible as per the law. The counsel for SpiceJet argued that
Aircastle, the lessor, had filed another petition against SpiceJet, and
multiple petitions against the same corporate debtor are not allowed under the
Insolvency and Bankruptcy Code, 2016.
Aircastle's counsel contended that the
power of attorney granted to the petitioner had been backed by a board
resolution passed by Aircastle and therefore is maintainable under IBC.
Regarding two petitions filed by
Aircastle, the lessor's counsel argued that both petitions concerned two
different debts by SpiceJet. Each petition related to the default of around
₹50 crore by SpiceJet, towards the rental charges for two Boeing
aircraft.
www.economictimes.indiatimes.com dt. 08-05-2024