SpiceJet Resolves $23.39 Million Dispute with Aircastle

SpiceJet announced that Aircastle has withdrawn its insolvency case following a mutually agreed settlement. The resolution involves the end of a $23.39 million dispute, with a settlement of $5 million. This marks a positive development in SpiceJet's efforts to strengthen partnerships.

SpiceJet, a prominent airline, has successfully resolved a significant legal dispute with Aircastle, an aircraft lessor. On Thursday, the company disclosed that Aircastle withdrew its insolvency case after reaching a 'mutually agreed upon settlement.'

This development follows the announcement last month by SpiceJet regarding the resolution of a $23.39 million dispute with both Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Ltd. The settlement, amounting to $5 million, also includes specific agreements concerning the treatment of certain aircraft engines.

This settlement marks a positive milestone for SpiceJet as it endeavors to rebuild and enhance relationships with its business partners, following ongoing legal and financial challenges. The case withdrawal was executed at the National Company Law Tribunal (NCLT), further solidifying the resolution.

(With inputs from agencies.)