SpiceJet shares in focus after NCLT asks lessors to submit valid power of attorney
will be in focus on Friday after the National Company Law Tribunal (NCLT) directed three aircraft lessors of the airline to submit a valid Power of Attorney by July 3.
The directive came during a hearing on insolvency petitions filed by AWAS 36698 Ireland, AWAS 36694 Ireland, and AWAS 36695 Ireland. The three lessors are seeking insolvency proceedings against SpiceJet over alleged defaults totalling Rs 77 crore in April 2024.
During the June 2 hearing, SpiceJet's legal counsel pointed out that the Power of Attorney presented by the petitioners was only valid until February 11, 2025. The airline argued that no updated or currently valid authorisation had been submitted since.
'In order to continue the proceeding by the person who has initiated this petition, there must be a valid Power of Attorney existing at the present point of time,' the NCLT noted in its order.
In response, the lessors' counsel requested time to submit updated documents. The tribunal accepted the request and scheduled the next hearing for July 3.
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SpiceJet, in operation for 19 years, is facing multiple financial and legal challenges. The airline has been the subject of several insolvency petitions filed by creditors, including Willis Lease, Aircastle Ireland, Wilmington, and Celestial Aviation, across both the NCLT and the appellate tribunal NCLAT.
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SpiceJet
shares closed at Rs 42.29 in the previous session, down 0.9% on the BSE, while the benchmark Sensex rose 0.55%. The stock is down 25% year-to-date and 31% over the past six months. The company's market capitalisation stands at Rs 5,421 crore.
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