SpiceJet stock surges 3% after NCLT dismisses insolvency plea by Willis Lease

Around 3 aircraft lessors have filed four insolvency pleas against SpiceJet in 2023 for the non-payment of dues

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Shares of SpiceJet surged 3 percent to day’s high of Rs 47.7 per share on December 5 after the National Company Law Tribunal (NCLT) dismissed a plea to initiate solvency proceedings against the airline filed by aircraft lessor Willis Lease Finance over unpaid dues.

In the past one month, the stock of this low-cost carrier airline soared 22 percent as against 7 percent rise in the benchmark Sensex.

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Around 3 aircraft lessors have filed four insolvency pleas against SpiceJet in 2023 for the non-payment of dues. Other than the aircraft lessors, a tech services provider has also moved an insolvency plea against SpiceJet.

Aircastle Ireland, Wilmington and Celestial filed petitions, asking NCLT to admit SpiceJet to the insolvency process to enable them to recover their dues. Willis’ plea was dismissed on December 4, 2023 by NCLT after the tribunal heard SpiceJet’s application questioning the maintainability of the plea for over six months.

NCLT had questioned how a fresh plea could be filed against SpiceJet for the same cause of action without notifying them. It also questioned how a new plea could be initiated for the same cause of action, without obtaining the court’s permission to do so.

Earlier, in August, SpiceJet allotted over 48 million shares to nine aircraft lessors to clear outstanding dues worth 2.31 billion rupees (nearly $28 million).

The debt-laden airline carrier has been facing operational disruptions across India, delaying flight services recently in Pune, Patna, and New Delhi airports.

ALSO READ: Exclusive: Spicejet promoter Ajay Singh in talks with credit funds to raise $100 million

According to Moneycontrol’s exclusive report, the carrier might to looking to raise around $100 million to infuse fresh equity in the airline, while also refinancing a part of the promoter debt.

“Several global funds are in discussions and talks are currently focussed around the pricing of the loan, which is likely to be structured credit transaction,” the report said.

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