SpiceJet Settles ₹250 Cr Dispute With Celestial Aviation

SpiceJet Settles ₹250 Cr Dispute With Celestial Aviation

With this resolution, we can now focus on revamping our fleet and driving our business forward. I am grateful for the support of our stakeholders, including our investors, as we navigate through this process," said Singh.

IANSUpdated: Wednesday, February 28, 2024, 03:26 PM IST
article-image
Representative Image | File

Budget airline SpiceJet and Celestial Aviation, a subsidiary of AerCap, one of the largest aircraft lessor groups have mutually settled their Rs 250 crore dispute through amicable negotiations, the company said on Wednesday.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, "SpiceJet and Celestial Aviation have successfully resolved our Rs 250 crore dispute through mutual agreement." "This settlement marks a significant step forward for both parties and underscores our commitment to finding amicable solutions to complex challenges."

Amicable resolution found

With this resolution, we can now focus on revamping our fleet and driving our business forward. I am grateful for the support of our stakeholders, including our investors, as we navigate through this process," said Singh.

The representatives of both parties informed a bench of NCLT last week that settlement terms had been reached and requested an adjournment. The Court had granted the adjournment.

The matter is now scheduled to be formally withdrawn on March 1. SpiceJet recently secured investments totaling Rs 1,060 crore through a preferential issue, with notable investors including Aries Opportunities Fund Limited and Elara India Opportunities Fund Limited. As per airline officials, part of these funds will be allocated towards settling past liabilities.

RECENT STORIES

India's Plain Gold Jewellery Exports Surge By 61.72% In FY 2023-24, With UAE Market Being Key...

India's Plain Gold Jewellery Exports Surge By 61.72% In FY 2023-24, With UAE Market Being Key...

Reliance Industries Q4 Earnings: Profit After Tax Surges ₹21,243 Crore, Announces Dividend Of...

Reliance Industries Q4 Earnings: Profit After Tax Surges ₹21,243 Crore, Announces Dividend Of...

Q4FY24 Earnings: Reliance Jio Infocomm Net Profit Jumps Over 13%; Check Out The Quarterly Releases...

Q4FY24 Earnings: Reliance Jio Infocomm Net Profit Jumps Over 13%; Check Out The Quarterly Releases...

Gold And Silver Prices Retreat From Record Levels As Iran-Israel Tensions Ease; Check Prices

Gold And Silver Prices Retreat From Record Levels As Iran-Israel Tensions Ease; Check Prices

Domestic Air Traffic Touches New Single-Day High; Crosses 4.71 Lakh Passengers

Domestic Air Traffic Touches New Single-Day High; Crosses 4.71 Lakh Passengers