New Delhi: The National Company Law Tribunal (NCLT) on Tuesday deferred the case involving SpiceJet and aircraft lessor Celestial Aviation Services Ltd after both parties told the court they were in the advanced stages of a settlement. The court will hear the case next on 7 November. Celestial Aviation is one of four lessors to have filed a case against SpiceJet in the NCLT over pending dues – the others are Willis Lease Finance Corp, Wilmington, and Aircastle. Previously, the tribunal had asked SpiceJet to resolve its issues with the lessors by allotting them shares. Last month SpiceJet allotted 48.1 million shares on a preferential basis to nine of its aircraft lessors to clear dues worth 231 crore. According to media reports, SpiceJet also approached another lessor, Aircastle, to settle their dues against equity but the lessor rejected the proposal. In the case of Willis Lease Finance, the NCLT hearing is in its final stages and a decision is expected soon. SpiceJet argued that Willis Lease Finance and Wilmington are not direct lessors of the company, based on the agreements presented in court. In response, Willis Lease Finance said it was a service provider on behalf of the actual lessors mentioned in the agreements and must be treated as a lessor on those grounds. Similarly, Wilmington contended that they were trustees of the lessor Aircastle and should be allowed to proceed with the insolvency plea against SpiceJet. The airline faces legal challenges in several courts. In one case, engine lessor Engine Lease BV asked the Delhi High Court to stop SpiceJet from using its engines as the lease had expired. The Delhi High Court has asked the airline and lessor to settle the dispute by 16 October. It's worth noting that Engine Lease BV is also an engine lessor to Go First, another Indian airline undergoing insolvency. SpiceJet is also mired in an arbitral award execution case with former owner Kalanithi Maran over dues of 397 crore. However, last month, it paid Maran 100 crore of the 397 crore it owes him. According to the Delhi High Court's 24 August order, the airline was to pay Maran 100 crore by 10 September. In the Supreme Court, the airline is facing a legal challenge from Credit Suisse over a payment default. On 22 September the Supreme Court gave the airline permission to make monthly payments of $1 million to the Swiss bank over the next six months to settle its dues. "Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights!"