Fifth lessor moves insolvency plea against SpiceJet, airline worries mount

In another blow to SpiceJet, Celestial Aviation Services Limited has filed a plea to initiate Corporate Insolvency Resolution Process (CIRP) at the National Company Law Tribunal (NCLT). The plea is filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. Celestial is the fifth lessor to move an insolvency plea against SpiceJet. Pleas by lessors such as Willis Lease Finance, Aircastle and Wilmington are already pending at the NCLT. The National Company Law Tribunal (NCLT) on August 8 orally observed that Willis Lease Finance Corporation, which has filed an insolvency plea against low-cost airline SpiceJet, should have sent