SpiceJet agrees settlement with one of its aircraft lessors

SpiceJet said that one of its aircraft lessors had agreed to end court proceedings that threatened to ground some of the budget carrier's aircraft, after the two sides reached a settlement.

SpiceJet said Wilmington Trust SP Services had agreed to withdraw the process of deregistering the aircraft, subject to SpiceJet satisfying the terms of the settlement, according to a company statement to the stock exchange on Monday.

The carrier, which was on the verge of collapse in December after running out of cash to pay its creditors, said on Friday it expected to resolve the disputes with two of its lessors.

The Delhi High Court had on Thursday ordered the country's aviation regulator Directorate General of Civil Aviation (DGCA) to de-register six SpiceJet aircraft belonging to two lessors.

(Reuters)