SpiceJet, AerCap settle Rs 250 crore dispute, avoid litigation
SpiceJet and AerCap informed a bench of National Company Law Tribunal (NCLT) last week that the settlement terms had been reached.
- Feb 28, 2024,
- Updated Feb 28, 2024 2:32 PM IST
Budget airline SpiceJet and Celestial Aviation, a subsidiary of AerCap, one of the largest aircraft lessor groups have mutually settled their $29.9 million or Rs 250 crore dispute through amicable negotiations. This settlement means that both the parties have avoided litigation.
SpiceJet and AerCap informed a bench of National Company Law Tribunal (NCLT) last week that the settlement terms had been reached and they requested an adjournment, which was granted by the court. The matter will now be formally withdrawn on March 1.
Meanwhile, SpiceJet shares were last seen trading 0.23 per cent lower at Rs 66.08. Turnover on the counter came at Rs 24.98 crore, commanding a market capitalisation (m-cap) of Rs 4,516.63 crore.
Ajay Singh, Chairman and Managing Director, SpiceJet, said, "I am pleased to announce that 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."
The matter revolving around unpaid leases for nine aircraft was initially listed in early June 2023.
Meanwhile, SpiceJet recently secured investments to the tune of Rs 1,060 crore through a preferential issue, with investors including Aries Opportunities Fund Limited and Elara India Opportunities Fund Limited. Part of these funds will be allocated towards settling past liabilities, the company said.
Budget airline SpiceJet and Celestial Aviation, a subsidiary of AerCap, one of the largest aircraft lessor groups have mutually settled their $29.9 million or Rs 250 crore dispute through amicable negotiations. This settlement means that both the parties have avoided litigation.
SpiceJet and AerCap informed a bench of National Company Law Tribunal (NCLT) last week that the settlement terms had been reached and they requested an adjournment, which was granted by the court. The matter will now be formally withdrawn on March 1.
Meanwhile, SpiceJet shares were last seen trading 0.23 per cent lower at Rs 66.08. Turnover on the counter came at Rs 24.98 crore, commanding a market capitalisation (m-cap) of Rs 4,516.63 crore.
Ajay Singh, Chairman and Managing Director, SpiceJet, said, "I am pleased to announce that 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."
The matter revolving around unpaid leases for nine aircraft was initially listed in early June 2023.
Meanwhile, SpiceJet recently secured investments to the tune of Rs 1,060 crore through a preferential issue, with investors including Aries Opportunities Fund Limited and Elara India Opportunities Fund Limited. Part of these funds will be allocated towards settling past liabilities, the company said.