NCLT Charges SpiceJet ₹15 lakh for Late Settlement
· Business · Bar and Bench
The National Company Law Tribunal ordered SpiceJet and its creditor Aviator ML to pay a total of ₹15 lakh in costs for a settlement that was reached at the last minute in the airline’s insolvency proceedings. The penalty was imposed after the parties failed to adhere to the NCLT’s schedule for creditor meetings and reimbursement of lessor dues. The court cited the delayed settlement as a significant setback for the lessors, who had been awaiting a structured resolution under the insolvency framework. The decision comes as the insolvency case is set to be reheard, raising questions about the future course of SpiceJet’s bankruptcy process.
Why it matters
The ₹15 lakh penalty imposes an additional financial burden on SpiceJet, potentially affecting its ability to settle debts and resume operations, while lessors face delayed recovery of dues.
Read the original report — Bar and Bench
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