Aircastle withdraws insolvency case against SpiceJet after $5.6 million settlement
1 month, 2 weeks ago

Aircastle withdraws insolvency case against SpiceJet after $5.6 million settlement

Live Mint  

New Delhi: In a relief for SpiceJet, Ireland-based aircraft lessor Aircastle has withdrawn its insolvency case against the budget airline after reaching a $5.6 million settlement. Aircastle was among the first lessors to file an insolvency plea against SpiceJet in 2023 for defaulted rental dues, as the airline faced mounting insolvency claims from lessors and vendors in Delhi’s insolvency court. SpiceJet's disputes with lessors and vendors On 9 October, the airline resolved a $131.85 million claim with Horizon Aviation 1 Ltd., Horizon II Aviation 3 Ltd., and Horizon III Aviation 2 Ltd., managed by Babcock & Brown Aircraft Management, for $22.5 million. This new capital is vital for SpiceJet to address the financial challenges and settle obligations with various creditors, particularly lessors involved in ongoing litigations in the NCLT, Delhi high court, and the Supreme Court regarding unpaid dues.

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History of this topic

SpiceJet settles dispute of over USD 16 million with Genesis
3 weeks, 1 day ago

SpiceJet settles dispute of over USD 16 million with Genesis

Live Mint  

New Delhi, December 19 : Airline SpiceJet has settled dispute of over USD 16 million with Dublin-headquartered Genesis Aircraft Services, commercial aircraft leasing company, the company stated on Thursday. Under the agreement, SpiceJet will pay Genesis USD 6 million and Genesis will acquire USD 4 million in SpiceJet equity at a price of ₹100 per share, the company added. The …

SpiceJet insolvency claims: Are creditors leveraging IBC forum for settlements?
1 month, 1 week ago

SpiceJet insolvency claims: Are creditors leveraging IBC forum for settlements?

Live Mint  

India’s bankruptcy courts are indignant at being used by creditors as a tool to recover dues from companies that are not really bankrupt, and for wasting their time. “SpiceJet’s case highlights a growing trend where creditors use the IBC forum to pressure corporate debtors into settlement," said Alay Razvi, managing partner at law firm Accord Juris. “SpiceJet’s case is unusual, …

SpiceJet share price rises after Aircastle drops insolvency case
1 month, 1 week ago

SpiceJet share price rises after Aircastle drops insolvency case

India Today  

Low-cost airline SpiceJet's shares rose in early trade on Thursday after aircraft lessor Aircastle withdrew its insolvency case against the airline. In September, SpiceJet announced the resolution of a $23.39 million dispute with Aircastle Designated Activity Company and Wilmington Trust SP Services Limited. SpiceJet, in an exchange filing, said, "This follows a mutually agreed-upon settlement, marking a positive turn in …

Spicejet faces another insolvency plea from operational creditor; NCLT issues notice
3 months, 2 weeks ago

Spicejet faces another insolvency plea from operational creditor; NCLT issues notice

The Hindu  

The National Company Law Tribunal on Monday issued notice to debt-ridden air carrier SpiceJet over the plea filed by one of its operational creditors. SpiceJet is already facing several insolvency petitions from creditors, including Willis Lease, Aircastle Ireland Ltd, Wilmington and Celestial Aviation at NCLT and the appellate tribunal NCLAT. The latest petition is by Techjockey Infotech Pvt Ltd, an …

Supreme Court to consider SpiceJet’s plea against Delhi HC order grounding 3 aircraft engines
3 months, 4 weeks ago

Supreme Court to consider SpiceJet’s plea against Delhi HC order grounding 3 aircraft engines

The Hindu  

The Supreme Court said Thursday it will consider listing low-cost airline SpiceJet’s plea challenging a Delhi High Court verdict grounding three aircraft engines for defaulting on payments to lessors. A division Bench of the Delhi High Court on Wednesday held that the carrier had violated an agreed interim arrangement for payment of dues and upheld an order of a single-judge …

You can’t use property without paying rent: Delhi HC rebukes SpiceJet, Ajay Singh
4 months, 2 weeks ago

You can’t use property without paying rent: Delhi HC rebukes SpiceJet, Ajay Singh

Live Mint  

The Delhi High Court on Friday issued a stern rebuke to SpiceJet, criticizing the cash-strapped airline for continuing to operate leased engines without paying rental dues. The court’s pointed remarks highlighted the airline's precarious financial situation and its inability to honour commitments, casting doubt on the assurances made by SpiceJet's chairman and managing director, Ajay Singh. SpiceJet's legal disputes and …

SpiceJet says reached settlement on ₹413-crore dispute with Echelon Ireland Madison One
10 months ago

SpiceJet says reached settlement on ₹413-crore dispute with Echelon Ireland Madison One

The Hindu  

SpiceJet on March 7 said it has settled a dispute involving ₹413 crore with aircraft leasing firm Echelon Ireland Madison One Ltd, making it the third dispute settlement to be announced by the crisis-hit carrier in less than two weeks. As part of the settlement of the ₹413-crore dispute, SpiceJet will acquire two airframes. The airline, which is facing multiple …

SpiceJet share price jumps 4% after this declaration before Delhi High Court
10 months ago

SpiceJet share price jumps 4% after this declaration before Delhi High Court

Live Mint  

Stock market today: SpiceJet share price today witnessed buying interest as the aviation company has declared to have settled ₹93 crore dispute with the aircraft leasing company Cross Ocean Partners. The joint declaration was made by both parties before the Delhi High Court in the ongoing execution petition being pursued by Cross Ocean Partners. SpiceJet share price today opened upside …

Indian airline SpiceJet tells court it is 'struggling to stay afloat'
1 year, 4 months ago

Indian airline SpiceJet tells court it is 'struggling to stay afloat'

The Hindu  

Indian budget airline SpiceJet told a court on Thursday it was "struggling to stay afloat", as it was ordered to make a payment to its former owner over money owed. In 2018 SpiceJet lost an arbitration case arising out of share transfers from former owner Kalanithi Maran to the company's new management in 2015, making the airline liable to pay …

SpiceJet tells Delhi High Court it is 'struggling to stay afloat'
1 year, 4 months ago

SpiceJet tells Delhi High Court it is 'struggling to stay afloat'

Hindustan Times  

Indian budget airline SpiceJet told a court on Thursday it was “struggling to stay afloat”, as it was ordered to make a payment to its former owner over money owed. In 2018 SpiceJet lost an arbitration case arising out of share transfers from former owner Kalanithi Maran to the company's new management in 2015, making the airline liable to pay …

SpiceJet says no plans to seek insolvency proceedings
1 year, 7 months ago

SpiceJet says no plans to seek insolvency proceedings

Deccan Chronicle  

New Delhi: Budget carrier SpiceJet on Thursday said it has no plans to file for insolvency proceedings and has also started the process of reviving its grounded fleet with USD 50 million. The statement from SpiceJet comes at a time when a lessor has filed an insolvency resolution plea against the airline and crisis-hit rival Go First being admitted for …

SpiceJet enters into settlement agreement with aircraft lessor Goshawk Aviation, affiliates
2 years, 4 months ago

SpiceJet enters into settlement agreement with aircraft lessor Goshawk Aviation, affiliates

India TV News  

Highlights Goshawk Aviation Limited is one of the main lessors of the MAX aircraft of SpiceJet The parties have agreed to settle their disputes under and related to the aircraft lease agreements The agreement ends all litigation proceedings between the parties SpiceJet on Tuesday announced a settlement agreement with aircraft lessor Goshawk Aviation Limited and its affiliated leasing entities Wilmington …

SpiceJet settles suit with aircraft lessor Goshawk
3 years, 1 month ago

SpiceJet settles suit with aircraft lessor Goshawk

Live Mint  

The Delhi High Court has adjourned the hearing of a lawsuit against no-frill carrier SpiceJet Ltd by aircraft lessor Goshawk and its trustee Wilmington Trust SP Services Dublin Ltd regarding unpaid dues to 14 December after passing an interim order in September preventing the airline from transferring its assets to the tune of decretal amount. Goshawk and its trustee had …

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