A company that provides aircraft engines, Engine Lease Finance (ELF), has filed for bankruptcy against financially troubled SpiceJet, alleging a liability of roughly Rs 100 crore.
Eight aircraft engines are being leased by ELF to SpiceJet. SpiceJet is allegedly owed roughly $16 million, including interest and rent. This petition was the subject of a brief hearing on Wednesday by the Delhi bench of the National Company Law Tribunal (NCLT).
During this, SpiceJet's lawyer pleaded for time to present his side on the petition. On this, the bench of Mahendra Khandelwal and Sanjeev Ranjan directed SpiceJet to file its reply to the petition. ELF had entered into an agreement to lease engines to SpiceJet in the year 2017. SpiceJet has not been making timely payments since April 2021.