When you solve the equation for the velocity of the plane you are really solving.. $$ v^2=\vec v \cdot \vec v = gr\cot\theta $$
This gives you the magnitude of $\vec v$ but says nothing about the direction.
Mathematically there is no way to determine this from the equation.
Physically I suspect that you assumed the velocity to be horizontal and perpendicular to the cable.
There is a real ambiguity about the sense of revolution, it could be either clockwise or counter-clockwise depending on initial conditions.