The payment dispute between SpiceJet Ltd. and Celestial Aviation has been successfully resolved as the aircraft lessor decided to withdraw its insolvency plea on Monday.
In the previous hearing, both parties informed the National Company Law Tribunal that settlement discussions were in progress and a resolution was likely. SpiceJet had requested an adjournment, indicating the ongoing efforts to reach a settlement.
Advocate Nitin Sarin, representing the lessor, and senior advocate Krishnendu Dutta, representing the cash-strapped airline, were present during the legal proceedings.
In October, SpiceJet had informed the NCLT about its intention to pursue a settlement with Celestial. In December, SpiceJet told the tribunal that they had initiated payments to Celestial, signifying progress in addressing the financial obligations owed to the lessor.
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