<p>Budget carrier SpiceJet and aircraft lessor Celestial Aviation are working towards settlement, which is in the advanced stage, insolvency tribunal NCLT was informed on Tuesday.</p>.<p>During the proceedings, counsel appearing in the matter informed about the development and requested the National Company Law Tribunal (NCLT) to adjourn the matter, which was accepted.</p>.<p>The development came during the hearing of a plea filed by Celestial Aviation Services Ltd, an operational creditor, to initiate insolvency proceedings against the airline.</p>.SpiceJet flight returns to Kolkata after take-off as cabin crew spot crack in window.<p>A two-member NCLT bench directed to list the matter on November 7 for the next hearing.</p>.<p>According to some reports, Celestial Aviation Services Ltd is claiming a default of $29.9 million for nine aircraft. It is the fifth lessor, which had moved against SpiceJet.</p>.<p>Some other lessors such as Willis Lease Finance, Aircastle and Wilmington have also moved pleas to initiate insolvency proceedings against SpiceJet before the NCLT.</p>.<p>Earlier on September 5, NCLT suggested that SpiceJet settle the issues with lessors that have sought initiation of insolvency proceedings against it.</p>.<p>The tribunal's suggestion came against the backdrop of the crisis-hit carrier issuing shares in lieu of dues to nine aircraft lessors.</p>.<p>Last week, the government notified removing aviation lease agreements, which include - aircraft, engines and related parts - from moratorium under the Insolvency and Bankruptcy Code, 2016.</p>
<p>Budget carrier SpiceJet and aircraft lessor Celestial Aviation are working towards settlement, which is in the advanced stage, insolvency tribunal NCLT was informed on Tuesday.</p>.<p>During the proceedings, counsel appearing in the matter informed about the development and requested the National Company Law Tribunal (NCLT) to adjourn the matter, which was accepted.</p>.<p>The development came during the hearing of a plea filed by Celestial Aviation Services Ltd, an operational creditor, to initiate insolvency proceedings against the airline.</p>.SpiceJet flight returns to Kolkata after take-off as cabin crew spot crack in window.<p>A two-member NCLT bench directed to list the matter on November 7 for the next hearing.</p>.<p>According to some reports, Celestial Aviation Services Ltd is claiming a default of $29.9 million for nine aircraft. It is the fifth lessor, which had moved against SpiceJet.</p>.<p>Some other lessors such as Willis Lease Finance, Aircastle and Wilmington have also moved pleas to initiate insolvency proceedings against SpiceJet before the NCLT.</p>.<p>Earlier on September 5, NCLT suggested that SpiceJet settle the issues with lessors that have sought initiation of insolvency proceedings against it.</p>.<p>The tribunal's suggestion came against the backdrop of the crisis-hit carrier issuing shares in lieu of dues to nine aircraft lessors.</p>.<p>Last week, the government notified removing aviation lease agreements, which include - aircraft, engines and related parts - from moratorium under the Insolvency and Bankruptcy Code, 2016.</p>