SpiceJet, the Indian airline, has successfully defended against an insolvency petition filed by Flordida-based Willis Lease Finance at the National Company Law Tribunal (NCLT).
Willis Lease Finance had claimed approximately $11m in unpaid lease payments for 11 engines placed at SpiceJet through multiple special purpose vehicles (SPVs).
The NCLT dismissed the petition, citing concerns about the validity of the second filing and the lack of prior notice given to SpiceJet, as mandated by the Insolvency and Bankruptcy Code, 2016. Several other entities also have insolvency petitions against SpiceJet.
