The National Company Law Tribunal deferred hearing a case involving low-cost carrier SpiceJet and aircraft lessor Celestial Aviation Services Ltd on Thursday after the two sides informed the court that they were in advanced stages of reaching a settlement.
In the previous hearing, SpiceJet had informed the tribunal about making initial payments to the lessor.
NCLT is now likely to hear the case in the last week of February.
Earlier, the tribunal had advised SpiceJet to address its issues with its aircraft lessors by allocating shares. This was in alignment with a notification by the ministry of corporate affairs in October exempting aviation leases related to aircraft, aircraft engines, airframes, and helicopters from any moratorium.
SpiceJet has allocated more than 48 million shares to nine aircraft lessors to settle outstanding dues amounting to ₹2.31 billion (about $28 million).
Celestial Aviation is one of five lessors that had approached NCLT to recover their pending dues from the airline. The other lessors are Willis Lease Finance Corp., Wilmington, Aircastle, and Alterna Aircraft BV Ltd.
Alterna Aircraft, an Ireland-based lessor, has filed an insolvency plea against SpiceJet with the NCLT seeking recovery of $11.1 million and £265,000, as ordered by English courts.
The tribunal had in December dismissed a plea from Willis Lease Finance to initiate insolvency proceedings against the financially strained airline. Pleas from the other lessors are still pending.
Simultaneously, SpiceJet is also entangled in legal disputes with lessors in the Delhi High Court over the pending dues.
Engine Lease Finance BV recently moved the high court to restrain SpiceJet from using its engines after talks of an interim settlement in October fell through. In the proposed settlement, SpiceJet had committed to pay over $2 million to the lessor by January 25 and return the leased engines by that date.
On 19 December, the Delhi High Court had ordered SpiceJet to pay $450,000 by 3 January to engine lessors EAM France 01 SAS and Sunbird France 02 SAS.
The lessors had claimed unpaid dues of $12.9 million for over two years. The court had also considered barring the airline from using three engines following lease termination.