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 Bench asking the low-cost airline to ground the three engines for defaulting on the payments. The single-judge Bench of the High Court had on August 14 directed SpiceJet to ground three engines by August 16, 2024 and hand them over to their lessors — Team France 01 SAS and Sunbird France 02 SAS. A High Court Bench of Justices Rajiv Shakdher and Amit Bansal refused to interfere with an August 14 order of the single-judge Bench to ground the three aircraft engines and hand them over to the lessors, and disposed of SpiceJet’s appeals against it.

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History of this topic

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, …

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New Delhi: In a relief for SpiceJet, Ireland-based aircraft lessor Aircastle has withdrawn its insolvency case against the budget airline after reaching a $5.6 million settlement.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. …

Court upholds SpiceJet engine grounding order
3 months, 4 weeks ago

Court upholds SpiceJet engine grounding order

Hindustan Times  

New Delhi A division bench of the Delhi high court on Wednesday upheld an order passed last month by a single judge, directing embattled budget airline SpiceJet to ground three engines and returning them to lessors Team France 01 SAS and Sunbird France 02 SAS. In the position in which SpiceJet is at this juncture, Team France and Sunbird France …

Delhi high court upholds order asking SpiceJet to return three engines to lessor
4 months ago

Delhi high court upholds order asking SpiceJet to return three engines to lessor

Hindustan Times  

A division bench of the Delhi high court on Wednesday upheld a single judge’s order directing the budget airline SpiceJet to ground three engines and return them to the lessor—Team France 01 SAS and Sunbird France 02 SAS. SpiceJet approached a high court division bench against the August 14 order directing the grounding of three engines. SpiceJet approached the division …

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 …

KAL Airways, Kalanithi Maran to seek ₹1,323 crore in damages from SpiceJet, Ajay Singh
7 months, 2 weeks ago

KAL Airways, Kalanithi Maran to seek ₹1,323 crore in damages from SpiceJet, Ajay Singh

The Hindu  

KAL Airways and Kalanithi Maran on Monday said they will seek more than ₹1,323 crore in damages from SpiceJet and its chief Ajay Singh as well as challenge the recent Delhi High Court order in the ongoing dispute between the two sides. On May 17, a division Bench of the court set aside a single judge Bench order that had …

SC orders SpiceJet to clear dues to Credit Suisse
10 months, 3 weeks ago

SC orders SpiceJet to clear dues to Credit Suisse

New Indian Express  

NEW DELHI: The Supreme Court on Monday took notice of SpiceJet chairman and managing director Ajay Singh’s bid for grounded carrier - Go First - and said that while the businessman is not clearing the dues of Credit Suisse he has enough resources to acquire an airline. The apex court came down heavily on Singh for not clearing its dues …

SC clears SpiceJet’s Ajay Singh overseas travel amid dispute with Credit Suisse
1 year, 2 months ago

SC clears SpiceJet’s Ajay Singh overseas travel amid dispute with Credit Suisse

Live Mint  

New Delhi: The Supreme Court on Friday allowed SpiceJet's managing director Ajay Singh to travel overseas, deferring a hearing related to a dispute between the airline and Credit Suisse to December. The top court had, in earlier sessions, allowed SpiceJet some respite, letting it remit $1 million monthly to Credit Suisse for half a year to settle overdue amounts. Switzerland-based …

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 Should Pay Entire Arbitral Award Of Rs 380 Crore To Its Former Promotor Kalanithi Maran: Delhi High Court
1 year, 7 months ago

Spicejet Should Pay Entire Arbitral Award Of Rs 380 Crore To Its Former Promotor Kalanithi Maran: Delhi High Court

Live Law  

The Delhi High Court has directed SpiceJet to pay the entire arbitral award of Rs. The Apex Court in the said order had directed SpiceJet to pay an amount of Rs.75 crore to Maran within a period of three months, towards its interest liability, pending the disposal of the petition under Section 34 of the Arbitration and Conciliation Act, 1996. …

SpiceJet says no plans to seek insolvency proceedings
1 year, 8 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 & Credit Suisse Settles Dispute, Plea In Supreme Court Withdrawn
2 years, 4 months ago

Spicejet & Credit Suisse Settles Dispute, Plea In Supreme Court Withdrawn

Live Law  

The Supreme Court on Thursday heard the plea of airline company SpiceJet Ltd., challenging the winding order passed by the Madras High Court on Thursday. The airline company stated that it had reached a settlement with the creditor and agreed to withdraw the Special Leave Petition filed against the Madras High Court's winding up order. Accordingly, the Madras High Court …

Matter With Credit Suisse Settled, Spicejet Tells Supreme Court; Seeks Listing Of Plea Against Winding Up Order
2 years, 7 months ago

Matter With Credit Suisse Settled, Spicejet Tells Supreme Court; Seeks Listing Of Plea Against Winding Up Order

Live Law  

Airline company Spicejet Ltd on Friday told the Supreme Court that it has reached a settlement with the creditor and sought an urgent listing of its plea challenging the winding order passed by the Madras High Court.The Madras High Court had passed the winding up order in December 2021 on a petition filed by Credit Suisse AG, a Switzerland based …

SpiceJet, Credit Suisse reach an agreement for settlement
2 years, 9 months ago

SpiceJet, Credit Suisse reach an agreement for settlement

Live Mint  

Budget carrier SpiceJet Ltd. on Thursday said it has reached an in-principle agreement with Credit Suisse for settlement of a dispute which entails the airline paying the settlement amount over some time. "SpiceJet had already deposited $5million on the direction of the Hon’ble Madras High Court in the Credit Suisse case and there is no adverse financial liability on the …

SC grants stay on Madras HC order to wind up SpiceJet
2 years, 11 months ago

SC grants stay on Madras HC order to wind up SpiceJet

Live Mint  

The Supreme Court on Friday stayed a Madras high court order directing the winding-up of SpiceJet Ltd, granting the airline the three weeks it requested to resolve its dispute with Credit Suisse AG. In the second week of January, the high court turned down an appeal by SpiceJet against a December order by a single-judge bench to wind up its …

Spicejet settles dispute with Canadian plane maker De Havilland Aircraft
3 years ago

Spicejet settles dispute with Canadian plane maker De Havilland Aircraft

Live Mint  

SpiceJet Ltd has settled a dispute with Canada’s De Havilland Aircraft, which had sued the Gurugram-based airline in a UK court for $43 million for a contractual dispute, the firm said in a statement on Wednesday. The Canadian company had earlier this year taken SpiceJet to court for failing to make pre-delivery payments after ordering 25 Dash 8-400 turboprop aircraft. …

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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