The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea for initiation of insolvency proceedings against Spicejet by Ramco Systems Ltd, an operational creditor of the low-cost carrier.
A two-member bench headed by Chairman Justice S JMokhopadhaya upheld the orders passed by the National Company Law Tribunal(NCLT) in this matter saying that it has rightly rejected Ramco’s plea byobserving that such petition requires strict proof of debt and default, whichwas absent in this case. The appellate tribunal said there was nothing onrecord to suggest that the demand notice relating to invoices issued by RamcoSystem was forwarded or received by Spicejet.
“For the reasons aforesaid, no relief can begranted,” said NCLAT.Ramco Systems had entered into agreement withSpicejet to provide ‘Aviation Software Solutions’ in May, 2013.