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GURUGRAM, November 28, 2024: Aircraft lessor Aircastle (Ireland) Designated Activity Company has withdrawn its insolvency case against SpiceJet before the National Company Law Tribunal (NCLT). This follows a mutually agreed-upon settlement, marking a positive turn in the airline's efforts to rebuild and strengthen ties with its partners.
Last month, SpiceJet announced the resolution of a $23.39 million dispute with Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Limited. The settlement was reached for an aggregate sum of $5 million, alongside an agreement on the treatment of certain aircraft engines. Both parties opted for an amicable negotiation process, successfully avoiding prolonged courtroom proceedings.
As part of the settlement, all ongoing litigations and disputes between the two parties have been withdrawn from the appropriate forums.
This development marks another significant milestone for SpiceJet, which has been actively resolving disputes with various partners, including aircraft lessors. The airline’s recent successful INR 3000 Crore Qualified Institutional Placement has provided the necessary financial impetus to address these issues and strengthen its operations.
About SpiceJet:
SpiceJet is India’s favourite airline that has made flying affordable for more Indians than ever before. SpiceJet is an IATA-IOSA certified airline that operates a fleet of Boeing 737s, Q-400s & freighters and is the country’s largest regional player operating multiple daily flights under UDAN or the Regional Connectivity Scheme. The majority of the airline’s fleet offers SpiceMax, the most spacious economy class seating in India.
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