The Spicejet-AerCap matter is now scheduled to be formally withdrawn on March 1, 2024.
The representatives of SpiceJet, Aircraft Lessor AerCap knowledgeable a bench of NCLT final week that settlement phrases had been reached and requested an adjournment
SpiceJet and Celestial Aviation, a subsidiary of AerCap, one of many largest plane lessor teams, have mutually settled their $29.9 million (Rs 250 crore) dispute by way of amicable negotiations, avoiding litigation.
“The representatives of both Parties informed a bench of NCLT last week that settlement terms had been reached and requested an adjournment. The Court graciously granted the adjournment. The matter is now scheduled to be formally withdrawn on March 1, 2024,” Spicejet stated in an announcement.
SpiceJet just lately secured investments totaling Rs 1,060 crore by way of a preferential problem, with notable traders together with Aries Opportunities Fund Limited and Elara India Opportunities Fund Limited. Part of those funds might be allotted in direction of settling previous liabilities.
Ajay Singh, chairman and managing director of SpiceJet, stated, “SpiceJet and Celestial Aviation have successfully resolved our $29.9 million dispute through mutual agreement. This settlement marks a significant step forward for both parties and underscores our commitment to finding amicable solutions to complex challenges. With this resolution, we can now focus on revamping our fleet and driving our business forward. I am grateful for the support of our stakeholders, including our investors, as we navigate through this process.”
