The National Company Law Tribunal (NCLT) on Thursday granted low-cost carrier SpiceJet and aircraft lessor Celestial Aviation time until January 18 for settlement after the airline informed the tribunal that they have made partial payments to the lessor.
The tribunal told the airline to consider settlements with lessors due to a Ministry of Corporate Affairs’ notification that exempted aviation leases from the moratorium.
The notification exempted all transactions and agreements related to aircraft and their engines from moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC).
