SpiceJet has been removed from enhanced surveillance by the Directorate General of Civil Aviation (DGCA), marking a positive step for the airline’s operational standing. This development comes on the heels of a significant financial settlement with its lessors, Aircastle (Ireland) Designated Activity Company, and Wilmington Trust SP Services (Dublin).
The low-cost carrier successfully settled a long-standing dispute, initially valued at approximately ₹196.71 crore ($23.4 million), for an aggregate sum of around ₹42 crore ($5 million). This agreement also included conditions for the treatment of aircraft engines and the withdrawal of all legal disputes.
Ajay Singh, Chairman and Managing Director of SpiceJet, emphasized the importance of this settlement, stating, “We are pleased to have successfully resolved this long-standing dispute with Aircastle and Wilmington Trust. This settlement underscores our commitment to amicably resolving matters in the best interest of the company and all stakeholders.”
This resolution enhances SpiceJet’s financial stability, reducing its legal liabilities and enabling the airline to focus on improving its operational goals and enhancing the customer experience.
