Law Tribunal Suggests SpiceJet Settle Issues With Aircraft Lessors
NDTV
"SpiceJet seems to be settling with other lessors by giving shares, Why don't you settle with these lessors as well?" said the bench comprising M M Khandelwal and Rahul Prasad Bhatnagar.
Crisis-hit carrier SpiceJet can settle issues with lessors that have sought initiation of insolvency proceedings against it, the National Company Law Tribunal has suggested. The tribunal's suggestion came amid Spicejet's move to issue 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 which had filed an appeal to initiate insolvency proceedings against the airline.
A two-member bench of the tribunal observed that the airline is settling with some of aeroplane lessors by converting debt into equity.
