National Company Law Tribunal, Delhi, on Thursday adjourned the hearing on insolvency proceedings against budget airline SpiceJet filed by its aircraft lessor Celestial Aviation to February 26 after both the parties sought more time to try settle the matter between them. “The parties are negotiating, and some payments were made,” SpiceJet’s counsel said, pleading that the matter be adjourned to March. Celestial Aviation confirmed that some payments by the airline. “Counsel of both sides are present and submitted that settlement talks are still going on and the matter is likely to be settled,” the bench stated. Both parties have been trying to negotiate a settlement and had asked the tribunal for more time at the previous date of hearing on December 7 as well.
