Wilmington Trust SP Services (Dublin) Limited, claiming to be an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against SpiceJet Limited, the corporate debtor, based on unpaid lease rentals for an aircraft. The application was filed due to alleged defaults in payments starting from July 30, 2021, related to a lease agreement dated August 7, 2013. The operational creditor claimed a total amount due of US$11,184,198. The corporate debtor contested the maintainability of the petition, arguing that Wilmington was acting as a trustee and not in its individual capacity as a lessor, and therefore not an operational creditor under the IBC.
Wilmington Trust SP Services (Dublin) Limited (Wilmington) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against SpiceJet Limited (SpiceJet). Wilmington claimed to be an operational creditor based on unpaid lease rentals for a Boeing 737-800 aircraft (manufacturer's serial number 41398). The lease agreement was dated August 7, 2013, and amended over time. The alleged default in payments started from July 30, 2021, with a total amount due of US$11,184,198. SpiceJet argued that Wilmington was acting as a trustee and not as the actual lessor, therefore not qualifying as an operational creditor under the IBC. Wilmington filed written submissions dated 15.10.2023, which were
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Wilmington Trust SP Services (Dublin) Limited, claiming to be an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against SpiceJet Limited, the corporate debtor, based on unpaid lease rentals for an aircraft. The application was filed due to alleged defaults in payments starting from July 30, 2021, related to a lease agreement dated August 7, 2013. The operational creditor claimed a total amount due of US$11,184,198. The corporate debtor contested the maintainability of the petition, arguing that Wilmington was acting as a trustee and not in its individual capacity as a lessor, and therefore not an operational creditor under the IBC.
Wilmington Trust SP Services (Dublin) Limited (Wilmington) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against SpiceJet Limited (SpiceJet). Wilmington claimed to be an operational creditor based on unpaid lease rentals for a Boeing 737-800 aircraft (manufacturer's serial number 41398). The lease agreement was dated August 7, 2013, and amended over time. The alleged default in payments started from July 30, 2021, with a total amount due of US$11,184,198. SpiceJet argued that Wilmington was acting as a trustee and not as the actual lessor, therefore not qualifying as an operational creditor under the IBC. Wilmington filed written submissions dated 15.10.2023, which were
…The Operational Creditor and the Corporate…
Date of the Last…