Aircraft lessor Aircastle (Ireland) Designated Activity Company has withdrawn its insolvency case against SpiceJet following an amicable settlement. This resolution marks a positive step for the airline in rebuilding relationships with its partners.
Last month, SpiceJet announced that it had resolved a $23.39 million dispute with Aircastle and Wilmington Trust SP Services (Dublin) Limited for an aggregate settlement amount of $5 million. The agreement also included terms for the treatment of specific aircraft engines, with both parties opting to resolve the matter amicably, avoiding prolonged litigation.
As part of the settlement, all ongoing disputes and litigations between SpiceJet and Aircastle have been withdrawn, signifying a clean slate in their partnership.
This development is another milestone in SpiceJet’s efforts to address disputes with lessors and other partners. The airline recently raised ₹3,000 crore through a Qualified Institutional Placement, providing the financial strength needed to tackle these issues and bolster its operations.
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