NCLT suggests SpiceJet settle issues with aircraft lessors
The National Company Law Tribunal (NCLT) on Tuesday suggested that SpiceJet settle the issues with lessors that have sought initiation of insolvency proceedings against it. The tribunal’s suggestion came against the backdrop of the crisis-hit carrier issuing shares in lieu of dues to nine aircraft lessors.
On Tuesday, the NCLT was hearing a plea filed by Celestial Aviation Services Ltd, an operational creditor that had filed a plea to initiate insolvency proceedings against the airline.
A two-member NCLT bench observed that the airline is settling with some of aeroplane lessors by converting debt into equity.
