Willis Lease Finance Corporation filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against SpiceJet Limited. The application was based on unpaid operational debt. SpiceJet contested the maintainability of the petition, arguing that Willis Lease Finance Corporation was not an operational creditor as defined under the IBC, and that the demand notice was defective. The application was initially reserved on the issue of maintainability.
Willis Lease Finance Corporation (WLFC) filed a Section 9 application under the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against SpiceJet Limited, claiming unpaid operational debt of Rs 53,96,65,759/- as of 2023-04-10. WLFC claimed to be an operational creditor based on its role as a 'Servicer' for various lessors who had lease agreements with SpiceJet. The debt arose from these lease agreements. SpiceJet argued that WLFC was not an operational creditor because the debt was owed to the lessors, not WLFC, and there was no direct contractual relationship between WLFC and SpiceJet. A prior Section 9 petition based on a similar demand notice had been withdrawn by WLFC. The demand notice relied upon by WLFC was dated
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Willis Lease Finance Corporation issued a…
Willis Lease Finance Corporation filed the…
Willis Lease Finance Corporation filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against SpiceJet Limited. The application was based on unpaid operational debt. SpiceJet contested the maintainability of the petition, arguing that Willis Lease Finance Corporation was not an operational creditor as defined under the IBC, and that the demand notice was defective. The application was initially reserved on the issue of maintainability.
Willis Lease Finance Corporation (WLFC) filed a Section 9 application under the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against SpiceJet Limited, claiming unpaid operational debt of Rs 53,96,65,759/- as of 2023-04-10. WLFC claimed to be an operational creditor based on its role as a 'Servicer' for various lessors who had lease agreements with SpiceJet. The debt arose from these lease agreements. SpiceJet argued that WLFC was not an operational creditor because the debt was owed to the lessors, not WLFC, and there was no direct contractual relationship between WLFC and SpiceJet. A prior Section 9 petition based on a similar demand notice had been withdrawn by WLFC. The demand notice relied upon by WLFC was dated
…Willis Lease Finance Corporation issued a…
Willis Lease Finance Corporation filed the…