The National Company Law Tribunal (NCLT) on Tuesday directed SpiceJet to submit its response within 15 days to Aircastle (Ireland's) insolvency petition.
The tribunal will now examine whether a power of attorney holder can represent an operational creditor in a corporate insolvency resolution process (CIRP) petition. SpiceJet's lawyer had earlier questioned the maintainability of the petition, stating that it was filed by the power of attorney holder on behalf of the operational creditor, which is not allowed under the law. The counsel for SpiceJet argued that Aircastle, the lessor, had filed another petition against SpiceJet and according to the Insolvency and Bankruptcy Code, 2016, multiple petitions against the same corporate debtor are not permitted.
Aircastle's counsel argued that the power of attorney granted to the petitioner was supported by a board resolution passed by Aircastle and therefore is valid under IBC.
Regarding the two petitions filed by Aircastle, the lessor's counsel argued that both petitions concerned different debts by SpiceJet. Each petition related to SpiceJet's default of around Rs 50 crore towards the rental charges for two Boeing aircraft.
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