SpiceJet has received some relief in its insolvency battle after the National Company Law Tribunal (NCLT) allowed aircraft lessor Aviator ML to withdraw its insolvency plea against the airline following a settlement between the two sides.
However, the tribunal also imposed a fine on both SpiceJet and Aviator ML for informing it about the settlement only after the case had reached the final order stage, ET Now reported.
The order means Aviator ML’s insolvency petition will not move ahead. However, SpiceJet still faces seven other insolvency petitions filed by aircraft lessors over unpaid dues.
WHY DID NCLT IMPOSE A FINE?
The settlement between SpiceJet and Aviator ML was brought before the tribunal at the last minute.
The NCLT had already…