# In the matter of Spicejet Limited

> NCLT judgment dated 2024-11-19. Citation: TCN-2024-NCLT-00209. The case involves Engine Lease Finance B.V. as the applicant (Operational Creditor) and…

- **Court:** NCLT
- **Order date:** 19 Nov 2024
- **Citation:** TCN-2024-NCLT-00209
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/spicejet-limited-3b2c80a3

## Summary

### Background

The case involves Engine Lease Finance B.V. as the applicant (Operational Creditor) and SpiceJet Limited as the respondent (Corporate Debtor). The matter was brought before the National Company Law Tribunal (NCLT), New Delhi, under Section 9 of the Insolvency and Bankruptcy Code (IBC).

## Facts

Engine Lease Finance B.V. initiated proceedings against SpiceJet Limited under Section 9 of the IBC as an operational creditor. Both parties' counsels appeared before the NCLT and indicated ongoing settlement negotiations. The pleadings in the case are complete. An adjournment was previously granted on similar grounds on 08.10.2024. The current request for adjournment is based on the ongoing settlement talks. The court is considering this as a final opportunity for settlement.

## Issues and analysis

### Issue 1: Whether the NCLT should grant an adjournment to allow the parties to continue settlement …

**Ratio:** Courts have the discretion to grant adjournments to facilitate amicable settlements

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**Reasoning:** The counsels for both parties requested an adjournment to continue settlement

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**Interpretation:** The court interprets its power to grant adjournments as a tool to encourage

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**Application:** Given the ongoing settlement talks and the previous adjournment, the court

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Appellants:** Engine Lease…
- **Respondents:** SpiceJet L…
- **Advocates:** Ishita T…; Kavya K…; +5 more

## Timeline

- **2024-10-08 — Previous H…**: The matter was adjourned on similar grounds (settlement talks) during the previous…
- **2024-11-19 — Order Del…**: The NCLT granted a final opportunity for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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