The move follows amicable settlement 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
FinTech BizNews Service
Mumbai, 28 November, 2024: Aircraft lessor Aircastle (Ireland) Designated Activity Company has withdrawn its insolvency case against SpiceJet before the National Company Law Tribunal (NCLT).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As part of the settlement, all ongoing litigations and disputes between the two parties have been withdrawn from the appropriate forums.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.
