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Fresh insolvency claims crowd SpiceJet's runway
Mint Chennai
|March 07, 2025
New legal battles could further complicate the cash-strapped airline's recovery
SpiceJet Ltd has been hit with fresh insolvency claims from three Ireland-based aircraft lessors and a former pilot over defaults on rental and employment dues, just as the financially-strained airline prepares to revive operations.
Three Irish lessors—NGF Genesis Ltd, NGF Charlie Ltd, and NGF Alpha Ltd—have alleged that SpiceJet defaulted on rental payments, with their combined claims amounting to $12.4 million.
These entities approached the National Company Law Tribunal (NCLT) after previously serving a legal notice to the airline in December, accusing it of theft of aircraft parts, including engines, from five leased Boeing 737 freighter planes. Additionally, a former SpiceJet pilot, Devesh Bbyan, has filed a claim for ₹1.70 crore towards unpaid employment dues for March 2020 to August 2022.
During a brief hearing at the Delhi bench of the insolvency court, SpiceJet sought time to respond as its settlement talks were underway. Consequently, NCLT adjourned its hearing of the lessors' cases until April.
This story is from the March 07, 2025 edition of Mint Chennai.
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