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"No adverse ruling against us," says SpiceJet on NCLT notice

New Delhi: As the National Company Law Tribunal (NCLT) issued notice to SpiceJet on a plea filed by Irish aircraft lessor Aircastle, the budget carrier on Monday said the NCLT notice was issued in a normal course and there was no adverse ruling against the airline.
On the notice issued by NCLT in the Aircastle issue, SpiceJet said: "Notice was issued in normal course. There was no adverse ruling against SpiceJet. The court has recognised the fact that parties are under settlement discussions and they can continue to pursue the same." NCLT issued a notice to budget airline SpiceJet on a petition filed by an aircraft lessor. The next hearing will be on May 17.
The aircraft lessor, Aircastle (Ireland) Ltd, sought initiation of insolvency resolution proceedings against the budget carrier.
The NCLT issued the notice to SpiceJet and directed it to list the matter on May 17 for the next hearing.
Last week, SpiceJet mobilised a plan to revive its 25 grounded aircraft.
The airline said funds for the revival would be drawn from the government's Emergency Credit Line Guarantee Scheme (ECLGS) and better cash accruals. The airline has already mobilised around Rs 400 crore towards getting its grounded fleet back in the air, which will further enhance its top line.
Chairman and Managing Director, SpiceJet Ajay Singh said, "We are meticulously working towards return to service of our grounded fleet back in the air soon. The majority of the ECLGS funding received by the airline would be utilised for the same, which will help us capitalise and make the most of the upcoming peak travel season."
The budget airline expects a stronger balance sheet, post-hive-off of SpiceXpress. (ANI)

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