# In the matter of SpiceJet Limited

> NCLT judgment dated 2024-05-07. Citation: TCN-2024-NCLT-01409. Aircastle (Ireland) Limited, the Operational Creditor, filed an application under Section 9 of…

- **Court:** NCLT
- **Order date:** 7 May 2024
- **Citation:** TCN-2024-NCLT-01409
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/spicejet-limited-a71403da

## Summary

### Background

Aircastle (Ireland) Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against SpiceJet Limited, the Corporate Debtor, for initiation of Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt related to aircraft lease rentals. The application was filed through Mr. Naim Mohammad Khan, the Power of Attorney holder of Aircastle. The total amount due as on the date of filing of this petition is claimed to be USD 56,04,995. The date of default claimed is 17.05.2021.

## Facts

Aircastle (Ireland) Limited, as the Operational Creditor, entered into an Aircraft Lease Shared Terms (ALST) agreement with SpiceJet Limited, the Corporate Debtor, on 2019-04-11, followed by a Lease Agreement on the same day for leasing a Boeing 737-800 aircraft. The Operational Creditor claims that SpiceJet defaulted on lease rentals and supplemental lease rentals since May 2021, leading to a total outstanding debt of USD 56,04,995 as of the petition filing date. The Operational Creditor issued a Demand Notice dated 2023-04-04, to which the Corporate Debtor replied on 2023-04-14. The application for CIRP was filed by Mr. Naim Mohammad Khan, the Power of Attorney holder of Aircastle. The Corporate Debtor argued that the petition is not maintainable because the Demand

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## Issues and analysis

### Issue 1: Whether the application filed by the Power of Attorney holder on behalf of the Operational Creditor …

**Ratio:** The Hon'ble NCLAT in Palogix Infrastructure Private Limited Vs ICICI Bank Limited

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**Reasoning:** The Adjudicating Authority considered the conflicting views of the NCLAT and the Supreme

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**Interpretation:** The legal issue revolves around the interpretation of Section 9 of the IBC and

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**Application:** In this specific case, the Adjudicating Authority needs to examine the Power of

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Appellants:** Aircastle…
- **Respondents:** SpiceJet L…
- **Advocates:** Ritesh…; Ajay K…; +7 more

## Timeline

- **2019-04-11 — Aircraft Lease Shared…**: The Operational Creditor and the Corporate Debtor entered into an Aircraft Lease Shared…
- **2019-04-11 — Lease Agr…**: The Operational Creditor and the Corporate Debtor entered into a Lease Agreement for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(20) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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