SpiceJet and lessor get Rs.15 lakh fine
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 the airline.
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 cognisance 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.
The bench said one of its members was demitting office on Wednesday and there was not enough time to prepare detailed orders. It therefore de-reserved the matters and directed that they be placed before the regular bench for further consideration.
"We view the order as a positive step towards resolving the outstanding matters and remain committed to working closely and constructively with our partners to find mutually acceptable solutions," a SpiceJet spokesperson told Mint....
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