SpiceJet, Celestial Aviation Settle $29.9 Million Dispute
Both parties had informed the NCLT last week that they had reached settlement terms.
SpiceJet and Celestial Aviation, a subsidiary of AerCap, have mutually resolved their dispute of $29.9 million or Rs 250 crore, through amicable negotiations.
SpiceJet recently secured Rs 1,060 crore in investments through a preferential issue, and investors included Aries Opportunities Fund Ltd. and Elara India Opportunities Fund Ltd. A portion of these funds will be used to address past liabilities, the airline said in a release on Wednesday.
Both parties had informed the National Company Law Tribunal last week that they had reached settlement terms and requested an adjournment. The formal withdrawal of the matter is scheduled for March 1.
In October 2023, SpiceJet informed the NCLT about its intention to settle with Celestial for the first time. By December, SpiceJet had conveyed to the tribunal that they had initiated payments to Celestial, indicating progress in addressing the financial obligations owed to the lessor.
