SpiceJet, lessor fined Rs.15 lakh by NCLT
mumbai, Aug. 20 -- Debt-laden carrier SpiceJet and aircraft lessor Aviator ML 29641 Ltd were fined a combined Rs.15 lakh by the National Company Law Tribunal (NCLT) on Wednesday for informing the tribunal about their settlement at the last minute, after orders had been reserved in eight insolvency petitions against SpiceJet.
The tribunal directed SpiceJet and Aviator ML to pay Rs.7.5 lakh each to the Prime Minister's National Relief Fund.
The NCLT's special bench, comprising judicial member Mahendra Khandelwal and technical member Anu Jagmohan Singh, passed the oral order on Wednesday.
"Payment of cost of Rs.15 lakh payable equally by the operational creditor (Aviator ML) and corporate debtor (SpiceJet), that is Rs.7.5 lakh each, to be deposited in the Prime Minister National Relief Fund, within a period of 7 days from today," the bench said.
Taking cognizance of the manner in which SpiceJet informed the tribunal about the settlement on the day the order was due to be pronounced, the bench expressed its displeasure, saying, "It is a fraud played with the bench." The insolvency court had earlier reserved orders in eight insolvency petitions against the airline....
To read the full article or to get the complete feed from this publication, please
Contact Us.