Business

SpiceJet settles Rs 250 crore dispute with lessor Celestial Aviation

New Delhi, Feb 28 (IANS) Budget airline SpiceJet and Celestial Aviation, a subsidiary of AerCap, one of the largest aircraft lessor groups, have successfully resolved their Rs 250 crore dispute through mutual agreement. Ajay Singh, Chairman and Managing Director of SpiceJet, expressed his satisfaction with the resolution, stating, “This settlement marks a significant step forward for both parties and underscores our commitment to finding amicable solutions to complex challenges.”

The representatives of both parties informed a bench of NCLT last week that settlement terms had been reached and requested an adjournment, which was granted by the court. The matter is now scheduled to be formally withdrawn on March 1. SpiceJet’s recent securing of investments totaling Rs 1,060 crore through a preferential issue, including investments from Aries Opportunities Fund Limited and Elara India Opportunities Fund Limited, will also be used to settle past liabilities.

Ajay Singh expressed gratitude for the support of stakeholders, including investors, as SpiceJet navigated through the resolution process. This amicable settlement enables the airline to focus on revamping its fleet and driving business forward. The resolution of this dispute highlights the importance of finding mutually beneficial solutions to complex challenges in the aviation industry.

Overall, the settlement between SpiceJet and Celestial Aviation represents a positive development for both parties involved. The resolution of the Rs 250 crore dispute through mutual agreement demonstrates a commitment to overcoming challenges and moving forward with a focus on growth and stability in the airline industry.

IANS

IANS, established in 1986, is India's largest independent news service, offering 24x7 news from India and South Asia, and a preferred source for diverse content across six business verticals.

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