Aircastle withdraws Insolvency case against SpiceJet following amicable settlement

Aircraft lessor Aircastle (Ireland) Designated Activity Company has withdrawn its insolvency case against SpiceJet before the National Company Law Tribunal (NCLT).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As part of the settlement, all ongoing litigations and disputes between the two parties have been withdrawn from the appropriate forums.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.

Shares of SPICEJET LTD was last trading in BSE at Rs. 62.27 as compared to the previous close of Rs. 61.39. The total number of shares traded during the day was 18743393 in over 25584 trades.

The stock hit an intraday high of Rs. 63.40 and intraday low of 60.76. The net turnover during the day was Rs. 1165450692.00.

Source : Equity Bulls

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SPICEJET INE285B01017 Airlines Aircastle InsolvencyCase Withdrawn AmicableSettlement