The National Company Law Tribunal (NCLT) has allowed aircraft lessor Aviator ML to withdraw its insolvency plea against SpiceJet after the two sides reached a settlement, ET Now reported.
The tribunal, however, imposed a fine on both parties for informing it about the settlement after the case had reached the stage of final orders.
The NCLT’s order means Aviator ML’s insolvency petition will not proceed, but the court will re-hear seven other insolvency petitions filed against SpiceJet by aircraft lessors.
SpiceJet shares were trading at Rs 11.37 apiece on the BSE, up 1.6 per cent on Wednesday.
The airline welcomed the tribunal’s order, calling it a positive step towards resolving outstanding matters.
“We view the order as a positive step…