Alterna Capital Partners has filed a petition at India’s National Company Law Tribunal (NCLT) seeking to have SpiceJet declared insolvent. The petition is in relation to a UK High Court judgement awarding Alterna over USD11m.
The dispute involves two Boeing 737-800 aircraft leased by Alterna to SpiceJet. One of the aircraft is currently stored at Hyderabad International.
Kevic Setalvad, representing Alterna, argued that SpiceJet should be declared insolvent as the airline has neither appealed the judgement nor made the required payments.
SpiceJet’s counsel, Krishnendu Datta, argued that the petition should be dismissed as the Insolvency and Bankruptcy Code is not a means for fund recovery.
