The Delhi Bench of the National Company Law Tribunal (NCLT) on Wednesday permitted aircraft lessor Aviator ML 29641 Limited to withdraw its insolvency plea against SpiceJet after the parties settled their dispute, while directing them to jointly pay ₹15 lakh in costs for reaching a settlement after the matter had been reserved for orders.
A special Bench of Judicial Member Mahendra Khandelwal and Technical Member Anu Jagmohan Singh ordered both sides to deposit ₹7.5 lakh each with the Prime Minister’s National Relief Fund within seven days. The withdrawal will take effect only after proof of payment is filed with the tribunal registry, failing which the matter will be relisted.
The tribunal also withdrew its…