NCLT lets SpiceJet lessor withdraw insolvency plea after settlement
NCLT allowed Aviator ML 29641 to withdraw its insolvency petition against SpiceJet following a settlement, while imposing ₹15 lakh in joint costs. SpiceJet has made an initial $500,000 payment; seven other creditor petitions will be reheard by a regular Bench.
What happened
NCLT allowed Aviator ML to withdraw its insolvency plea against SpiceJet after a settlement, imposing ₹15 lakh in joint costs. SpiceJet paid an initial
Key facts
- ₹15 lakh total costs
- ₹7.5 lakh payable by each party
- ₹58.64 crore alleged default
- $500,000 initial settlement payment
- seven remaining insolvency petitions
- 2024
Why this matters
Potential partners should view the settlement as a limited de-risking event and diligence SpiceJet’s outstanding creditor exposure, liquidity runway, and restructuring needs.
What to watch
- NCLT hearing dates, admission decisions, or withdrawal announcements for the seven remaining creditor petitions.
- Evidence that the $500,000 initial payment is followed by timely settlement installments.
- New aircraft repossession, deregistration, maintenance-payment, or lessor-default notices.
- Fresh capital raises, promoter funding, asset sales, or refinancing announcements.
- Changes in fleet deployment, cancellations, load factors, and cash-flow indicators.
- Prioritize settlements or standstill agreements with the seven remaining petitioning creditors before their rehearing.
- Secure committed liquidity through equity, debt, asset monetization, or promoter support to demonstrate capacity for scheduled payments.
- Communicate a creditor-resolution timetable and fleet-operating plan to limit lessor, vendor, and booking-channel confidence deterioration.
- Ring-fence aircraft lease payments and critical maintenance/vendor obligations to avoid further operational disruptions.