Insolvency Proceedings cannot be filed against SpiceJet in absence of Privity of Contract

Willis Lease Finance Corporation Vs SpiceJet Limited (NCLT Delhi) Conclusion: Servicer of aircraft lessors had no locus standi to file insolvency proceedings against SpiceJet in absence of privity of contract as it was only the Servicer and Administrative Agent of the respective lessors and had inter-se arrangement with lessors in form of ‘Servicing Agreements’ and applicant was not a ‘Operational Creditor’ in the instant case. Held: Assessee-Willis Lease Finance Corporation (Operational Creditor) had its registered office at Florida, USA. SpiceJet Limited (Corporate Debtor) was a comp...