SpiceJet shares came under pressure on Wednesday, falling as much as 4.20% to hit an intraday low of ₹10.72 per share, amid heavy trading volumes. At 1:25 pm, the airline's stock was trading 2.68% lower at ₹10.89 per share, significantly underperforming the BSE Sensex which was trading 0.49% lower at 76,858 levels. The decline came amid heavy volumes on the exchanges, with 111.60 lakh shares worth ₹12.24 crore changing hands on the BSE. According to NDTV Profit, the market reaction reflects investor concerns over the ongoing legal proceedings and the airline's financial challenges.
The National Company Law Tribunal (NCLT) has decided to rehear bankruptcy petitions filed by aircraft lessors against cash-strapped SpiceJet after the airline reached a last-minute settlement with one lessor. According to Business Standard, this development means SpiceJet's existing management will remain in control of India's fourth-largest airline while the petitions are reconsidered. The tribunal's decision comes after the airline had paid $500,000 to one of the eight lessors, with the settlement confirmed by counsel appearing for Aviator ML 29641 Ltd, one of the operational creditors that filed an insolvency petition against the airline. SpiceJet has welcomed the NCLT order in the Aviator ML case, stating it was a positive step towards resolving outstanding matters and remains committed to working closely with partners to find mutually acceptable solutions.
The National Company Law Tribunal (NCLT) has imposed a ₹15 lakh fine each on SpiceJet and aircraft lessor Aviator ML 29641 Ltd for wasting the court's time by informing it of their settlement on the day the order was scheduled to be pronounced. According to Mint, the special bench comprising Judicial Member Mahendra Khandelwal and Technical Member Anu Jagmohan Singh expressed strong displeasure over the timing of the settlement, noting that the petitions had already been argued extensively and the tribunal had spent considerable time preparing its orders. The bench stated 'We do not appreciate the conduct of the parties for coming out with the settlement at this stage when the judgment is to be pronounced' and emphasized that 'Precious judicial time has been wasted'. SpiceJet acknowledged that it has been through a challenging period and remains focused on rebuilding the airline, strengthening operations and restoring its fleet.
The Delhi Bench of NCLT has permitted aircraft lessor Aviator ML 29641 Limited to withdraw its insolvency plea against SpiceJet after the parties settled their dispute, while directing both sides to jointly pay ₹15 lakh in costs for reaching a settlement after the matter had been reserved for orders. According to Business Standard, the special bench comprising Judicial Member Mahendra Khandelwal and Technical Member Anu Jagmohan Singh ordered both sides to deposit ₹7.5 lakh each with the Prime Minister's National Relief Fund within seven days. The withdrawal will take effect only after proof of payment is filed with the tribunal registry, failing which the matter will be relisted. The lessor had initiated proceedings under Section 9 of the Insolvency and Bankruptcy Code in 2024, alleging a default of ₹58.64 crore, and the case had been heard alongside seven similar petitions against the airline.
The NCLT has deferred its order on the insolvency pleas against debt-laden SpiceJet and asked the regular NCLT bench to take up the matter on Monday. The tribunal made it clear that the remaining matters would not be deferred again and recorded its disapproval of the parties' conduct in its order dictated in open court. The bench emphasized that 'such settlements had to be brought to the tribunal at an appropriate stage' and clarified that it was not opposed to parties settling their disputes, but that such settlements must be disclosed at an appropriate time. The bench described the approach as a 'wrong tactic' and said SpiceJet had effectively taken the court for granted, noting that 'a special bench had been constituted to hear the insolvency matters against the airline and that judicial time had been set aside to prepare the orders'. Seven other claims are now set to be heard afresh in accordance with due process, as confirmed by NDTV Profit.
SpiceJet has been grappling with huge financial losses and cash strain, reporting a net loss of ₹1138.15 crore for the April-December period of FY26, compared to ₹266.8 crore in the year-ago period. As reported by Mint, the airline's revenue from operations stood at ₹3271.5 crore for the period ending December 31, down 14% over the year-ago period. The airline's market share fell to 1.9% in June 2026 from 3.9% in the beginning of the year, while SpiceJet shares have plunged 61% year-to-date, underperforming the benchmark Nifty 50, which fell 7.22% over the same period. The airline is yet to declare its FY26 annual results and January-March quarter (Q4) earnings.
