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Informist, Monday, Aug. 17, 2026

 

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--NCLT pulls up SpiceJet for settling IBC case with Aviator ML on verdict day 
--CONTEXT: NCLT order on Aviator ML's insolvency plea against SpiceJet 
--CONTEXT: SpiceJet says settled IBC case with Aviator ML ahead of NCLT order 
--NCLT to SpiceJet: How many more insolvency cases are you going to settle 
--NCLT: Have wasted so much time on SpiceJet case, will have to put fine 
--NCLT: It is mockery of entire system, SpiceJet playing wrong tactics 
--NCLT defers order on Aviator ML's insolvency plea vs SpiceJet till Aug 19

 

NEW DELHI – The Delhi bench of the National Company Law Tribunal Monday came down heavily on SpiceJet Ltd. for settling a case with its lessor on the day when the tribunal was going to pronounce its verdict on Aviator ML 29641 Ltd.'s insolvency petition against the airline for unpaid dues of INR 586.45 million. The tribunal said that SpiceJet was making a mockery of the entire system and was playing wrong tactics in its insolvency case.

 

"How many more(insolvency cases) are you going to settle? On the last day of hearing, nobody said we will settle. We wasted so much time. Please tell us what else is being settled. When we put up (the case) for pronouncement, then you say it is settled," said the tribunal. "We will have to put a heavy cost on these types of things. You are saying members are sitting idle? You had a lot of time to settle it. Either tell everything is settled. We can close everything if you say you are settling with everyone. It is a mockery of the entire system," said the tribunal.

 

The tribunal said that this was not only one case where it was going to pronounce its verdict on Monday. But there were seven other cases, where the judgment was reserved and the order was going to be given, it said. "This is a wrong tactic played with the bench. This has become a joke. If SpiceJet decides to settle, we will tell the other benches not to take their case till they settle," said the tribunal.

 

The tribunal questioned why it should take note of the settlement between the parties. "What for other cases? It is like the corporate debtor was aware of the fact(regarding insolvency admission). What is the justification?(for telling about the settlement at the verdict day) The matter is pending from 2024," said the tribunal.

 

 

The tribunal said that it did not appreciate the conduct of the parties in the current case and precious judicial time was wasted in argument by both the sides. Ultimately, the tribunal deferred the matter till Wed, to allow Aviator ML to file an application for withdrawal of its insolvency case against SpiceJet in view of the settlement. Rest of the other insolvency cases filed by Awas 36698 Ireland Ltd., its related companies, Falgu Aviation Leasing Ltd., Sabarmati Aviation Leasing Ltd., JetAir 17 Ltd., Alterna Aircraft VB Ltd., were also deferred as Aviator ML's case order had bearings on the remaining cases also.

 

In 2010, SpiceJet entered into an aircraft lease agreement with MCAP Europe Ltd. regarding one Boeing model 737-800 aircraft. In 2017, the aircraft was sold by MCAP Europe to Aviator ML. Consequently, the original lease agreement was modified on the same terms and conditions. Aviator ML said its claim relates to the lease rental of aircraft. It said that the Section 8 notice under the Insolvency and Bankruptcy Code, 2016, was sent to SpiceJet. 

 

At 1353 IST, the shares of SpiceJet Ltd. were down 1.6% at INR 11.41 on the BSE.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Akul Nishant Akhoury

 

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