As part of the settlement, all ongoing litigation and disputes between SpiceJet and Aircastle (Ireland) Designated Activity Company have been withdrawn from the appropriate forum.
Aircraft lessor Aircastle (Ireland) Designated Activity Company has withdrawn its insolvency case against the budget airline before the National Company Law Tribunal (NCLT), SpiceJet said on Thursday. This follows a mutually agreed settlement, marking a positive turn in the airline’s efforts to rebuild and strengthen its relationship with its partners.
Last month, SpiceJet announced a $23.39 million settlement with Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Ltd. A settlement was reached for a total of $5 million, along with an agreement regarding 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As part of the settlement, all pending claims and disputes between the two parties have been withdrawn from the appropriate forum.
The development is 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.