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Logistics firm files insolvency plea against SpiceJet amid ongoing creditor settlements | Company Business News

Livemint

Livemint · 8m ago

Logistics firm files insolvency plea against SpiceJet amid ongoing creditor settlements | Company Business News

Indian logistics company Eusu Logistics India has filed an insolvency petition against SpiceJet, claiming unpaid freight services amounting to INR 1.94 crore ($261,000). Meanwhile, aircraft lessor Falgu Aviation Leasing has accused the budget carrier of defaulting on a $8.1m payment, with SpiceJet having received a notice from the National Company Law Tribunal. The financial issues follow a number of disputes involving other creditors, but none have so far led to insolvency proceedings against the airline. SpiceJet has recently reached settlements with Shannon Engine Support, Aircastle Designated for Activity Company and Wilmington Trust SP Services.

Related News

Aditya Birla Finance accuses Byju’s insolvency professional of fraud in creditor classification

Livemint

Livemint · 10m ago

Aditya Birla Finance accuses Byju’s insolvency professional of fraud in creditor classification

Aditya Birla Finance has accused Byju's interim resolution professional of fraud in the ongoing insolvency resolution process. Aditya Birla Finance has filed a plea in the National Company Law Tribunal, claiming that it was classified as an 'operational creditor' instead of a 'financial creditor'. The court has given the resolution professional a week to respond. US-based Glas Trust, another creditor of Byju's, has also filed a plea against the resolution professional, seeking their removal. The plea is yet to be decided on merits by the Supreme Court.

Fresh turbulence for SpiceJet: Airline hit by $12.68 million insolvency claims as 3 lessors, ex-pilot move NCLT

Business Today

Business Today · 4m ago

Fresh turbulence for SpiceJet: Airline hit by $12.68 million insolvency claims as 3 lessors, ex-pilot move NCLT

SpiceJet is facing insolvency petitions filed by three Ireland-based aircraft lessors and a former pilot in the National Company Law Tribunal (NCLT). The filings are due to unpaid dues, amounting to $12.68 million (approximately ₹110 crore). This legal action underscores financial challenges for the airline amid its ongoing operations and commitments. The situation presents new turbulence for SpiceJet as it manages creditor relations and seeks to maintain operational stability in the aviation sector.

NCLAT stays insolvency proceedings against Dream11

Inshorts · 1y ago

NCLAT stays insolvency proceedings against Dream11

The National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed NCLT's order admitting an insolvency plea against Dream11-parent Sporta Technologies. It further directed the NCLT-appointed interim resolution professional to take no action till further order. The insolvency plea was filed against Sporta by an operational creditor over dues worth ₹7.61 crore.

Byju’s founder files FIR against former resolution professional, EY, Glas Trust

Economic Times

Economic Times · 3m ago

Byju’s founder files FIR against former resolution professional, EY, Glas Trust

Byju Raveendran, founder of edtech company Byju's, has filed a police complaint against Pankaj Srivastava, former resolution professional of Think & Learn, Glas Trust, and EY employees, alleging a criminal conspiracy against the company. The allegations involve collusion and fraud related to Byju’s insolvency proceedings. The case is under review by NCLT and NCLAT. Byju's, amid insolvency proceedings, faces legal challenges following disputed resolutions and sponsorship deal settlements with BCCI.

SC to hear Glas Trust's plea over insolvency proceedings against Byju's on September 17

Economic Times

Economic Times · 10m ago

SC to hear Glas Trust's plea over insolvency proceedings against Byju's on September 17

The Supreme Court is set to hear the appeal of US-based creditor Glas Trust against ed-tech firm BYJU's on September 17. The appeal challenges a judgment by the National Company Law Appellate Tribunal (NCLAT) that stayed insolvency proceedings against BYJU's and approved a settlement of its dues with the Board of Control for Cricket in India (BCCI). Several lawyers urged the court to expedite the case. The court stated that both the appeal and an additional plea will be heard on September 17.

SC agrees to list plea related to insolvency proceedings against Byju's

Economic Times

Economic Times · 10m ago

SC agrees to list plea related to insolvency proceedings against Byju's

The Supreme Court has agreed to an early hearing of the appeal from US-based creditor Glas Trust Company LLC against the NCLAT's judgment. The NCLAT had stayed insolvency proceedings against BYJU's and approved its settlement of Rs 158.9 crore with the BCCI. Senior advocates urged the court to hear the case as soon as possible. The Supreme Court had previously refused to pass an interim order to halt the insolvency proceedings and listed the plea for a final hearing on August 27.

Byju files caveat in SC expecting challenge to NCLAT order

Inshorts · 11m ago

Byju files caveat in SC expecting challenge to NCLAT order

BYJU'S CEO Byju Raveendran filed a plea in Supreme Court requesting to be heard before the court decides on a likely plea by US lenders opposing NCLAT's order ending insolvency proceedings against BYJU'S. US lenders had objected to the BYJU'S-BCCI settlement, alleging Byju of using money stolen from them. Byju's brother Riju paid for settlement with BCCI using personal assets.

SpiceJet settles with Raymach Technologies, vendor to withdraw insolvency case

Livemint

Livemint · 1y ago

SpiceJet settles with Raymach Technologies, vendor to withdraw insolvency case

Budget airline SpiceJet has reached a settlement with vendor Raymach Technologies over pending dues. Raymach had filed an insolvency petition against SpiceJet for a default of ₹2.7 crore ($363,324) in November 2023. However, SpiceJet denied having availed of its services. Raymach presented email exchanges between the two companies that showed SpiceJet acknowledging the services. The National Company Law Tribunal has granted Raymach time to withdraw the insolvency case, adjourning the matter until August. SpiceJet has faced multiple insolvency pleas over unpaid dues from other parties.

Ireda files insolvency plea against Gensol Engineering over Rs 510 crore default

Economic Times

Economic Times · 2m ago

Ireda files insolvency plea against Gensol Engineering over Rs 510 crore default

Indian Renewable Energy Development Agency (Ireda) has initiated insolvency proceedings against Gensol Engineering due to a Rs 510 crore default. The power financier submitted a plea under Section 7 of the Insolvency and Bankruptcy Code, seeking to address the financial discrepancy, as stated in an exchange filing. This legal action highlights the severity of the default and underscores the financial challenges faced by Gensol Engineering.

SpiceJet faces new insolvency case filed by software solutions startup Techjockey

Livemint

Livemint · 9m ago

SpiceJet faces new insolvency case filed by software solutions startup Techjockey

Techjockey Infotech Pvt. Ltd., a software solutions startup, has filed an insolvency case against SpiceJet, an Indian airline, for an alleged default of around ₹1.18 crore. The case has been admitted by the National Company Law Tribunal (NCLT) and is scheduled to be heard in November. This adds to a list of insolvency cases against SpiceJet by vendors and lessors. However, SpiceJet recently raised ₹3,000 crore through a qualified institutional placement (QIP), which will help the airline overcome its financial difficulties. SpiceJet aims to increase its fleet to 100 aircraft by 2026.

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