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Time of India
2 days ago
- Business
- Time of India
SpiceJet shares in focus after NCLT asks lessors to submit valid power of attorney
SpiceJet shares 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. Also Read: From Zoho's Radha Vembu to Nykaa's Falguni Nayar: India's top 10 first-gen women wealth creators in 2025 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. Also Read: Ola Electric, Kalyan Jewellers among 10 firms where promoters pledge increased in Q4 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. Also Read: India's top 10 priciest stocks in 2025: MRF to Elcid, see who tops the list ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Time of India
2 days ago
- Business
- Time of India
NCLT asks SpiceJet's aircraft lessor to file valid Power of Attorney, ET Infra
Aviation 1 min read NCLT asks SpiceJet's aircraft lessor to file valid Power of Attorney The NCLT direction came during a hearing on the petitions filed by the three lessors - AWAS 36698 Ireland, AWAS 36694 Ireland and AWAS 36695 Ireland.
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Business Standard
3 days ago
- Business
- Business Standard
NCLT asks SpiceJet lessors to submit valid Power of Attorney by July 3
The National Company Law Tribunal (NCLT) has directed three aircraft lessors of low-cost airline SpiceJet to provide a valid Power of Attorney that is currently in effect. The direction came during a hearing on petitions filed by AWAS 36698 Ireland, AWAS 36694 Ireland, and AWAS 36695 Ireland—the three leasing firms that moved the tribunal seeking insolvency proceedings against SpiceJet over a default of ₹77 crore in April 2024. The tribunal began hearing the case on June 2. During the proceedings, it was highlighted that the person representing the lessors had a Power of Attorney valid only until February 11, 2025. 'The counsel appearing for SpiceJet drew its attention to the Power of Attorney given to the persons who have filed this petition was valid only up to February 11, 2025,' NCLT noted. SpiceJet's legal team argued that no updated or renewed Power of Attorney had been submitted since then. In response, the lessors' counsel requested additional time to submit the updated authorisation documents. 'In view of this, list the matter on July 3, 2025,' the NCLT said, allowing time for compliance. SpiceJet, which has been in operation for 19 years, is dealing with several financial and legal issues. The airline has already faced multiple insolvency petitions filed by various creditors, including Willis Lease, Aircastle Ireland Ltd, Wilmington, and Celestial Aviation, at both the NCLT and the appellate tribunal NCLAT.
Time of India
3 days ago
- Business
- Time of India
Tribunal flags lapse: NCLT seeks updated Power of Attorney from SpiceJet's lessors; next hearing set for July 3
The National Company Law Tribunal (NCLT) halted proceedings on insolvency pleas by three Ireland-based lessors over a Rs 77 crore default, after SpiceJet raised a legal validity issue. The tribunal has asked three aircraft lessors of SpiceJet to submit a valid Power of Attorney (PoA) to continue insolvency proceedings against the airline, after it was pointed out that the current PoA on record expires in February 2025, PTI reported. The matter pertains to petitions filed in April 2024 by AWAS 36698 Ireland, AWAS 36694 Ireland, and AWAS 36695 Ireland, seeking to initiate insolvency proceedings against the low-cost carrier over alleged defaults totalling Rs 77 crore. During the hearing on June 2, SpiceJet's counsel argued that the PoA held by the person filing the petitions was only valid until February 11, 2025, and no fresh document had been submitted to prove current authorisation. The NCLT, in its order, noted the objection and said: 'In order to continue the proceeding by the person who has initiated this petition, there must be a valid Power of Attorney existing at present point of time.' In response, counsel representing the lessors requested additional time to file the updated document. Accepting the request, the tribunal posted the matter for next hearing on July 3, 2025. SpiceJet, which has been in operation for 19 years, is facing several insolvency petitions across forums. These include filings from creditors such as Willis Lease, Aircastle Ireland Ltd, Wilmington, and Celestial Aviation, both at the NCLT and the appellate tribunal NCLAT. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
5 days ago
- Business
- Economic Times
Sebi automates process of invocation, sale of pledged securities
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel To facilitate ease of doing business and safeguard the investors' interest, markets regulator Sebi on Tuesday decided to automate the process of invocation and sale of pledged comes after Sebi noted that after invoking pledged securities, brokers often don't sell them, resulting in accumulation in broker brokers face operational issues when clients sell pledged securities, requiring multiple steps like unpledge and delivery, sometimes using physical or digital instructions or POA."With a view to facilitate ease of doing business as well as to safeguard the interest of investors, it has been decided to make the invocation and sale as a combined automated process," Sebi said in a client-initiated sales, when clients sell pledged securities, depositories will now allow a single instruction to release the pledge and block the securities for early pay-in directly from the client's demat account. This process will eliminate the need for manual instructions or the use of Power of Attorney (POA).In the case of broker-initiated invocation, when brokers invoke securities due to non-payment, the shares, excluding unlisted mutual funds, will be automatically blocked for early pay-in from the client's demat a transaction trail will be maintained in the broker's pledge accounts to ensure transparency and unlisted mutual funds, Sebi has introduced a new 'invocation cum redemption' mechanism. This feature helps brokers to invoke and redeem mutual fund units automatically from their pledge accounts, simplifying operations and reducing cases involving frozen or blocked client accounts, the invoked securities will be transferred to the broker's demat account. To prevent unnecessary accumulation, brokers are required to sell these securities on the same day under their proprietary framework will come into effect on September 5, while depositories are required to issue detailed operational guidelines by July Sebi had mandated brokers to accept securities as collateral only through margin pledges in the depository system.
