The National Company Law Tribunal (NCLT) on Monday deferred orders in eight insolvency petitions against SpiceJet after the airline and one of its aircraft lessors informed the tribunal that they had reached a settlement hours before the orders were scheduled to be pronounced.
A special Bench comprising Judicial Member Mahendra Khandelwal and Technical Member Anu Jagmohan Singh expressed strong displeasure over the timing of the settlement, noting that the petitions had already been argued extensively and the tribunal had spent considerable time preparing its orders.
“We do not appreciate the conduct of the parties for coming out with the settlement at this stage…