Spicejet, lessor Celestial Aviation in adv. stage settlement

11 Oct 2023 CW Team

In a recent development, SpiceJet, the low-cost airline, and aircraft lessor Celestial Aviation Services Ltd have informed the National Company Law Tribunal (NCLT) that they are at an advanced stage of settling their dispute. Celestial Aviation Services Ltd had previously approached the tribunal in August to initiate insolvency proceedings against SpiceJet due to a default of $29.9 million concerning nine aircraft.

The counsel representing SpiceJet conveyed to the bench, ""We are trying to settle the matter, and most likely, it will get settled."" In light of this, the NCLT, at the request of both parties' counsels, decided to postpone the hearing to November 7.

It's worth noting that SpiceJet is currently contending with insolvency proceedings initiated by two other aircraft lessors, namely Aircastle (Ireland) Ltd and Wilmington Trust SP Services (Dublin) Ltd. Additionally, an engine lessor, Willis Lease Finance Corporation Ltd, has also raised similar insolvency concerns.

The ongoing negotiations and potential settlement indicate efforts to resolve the disputes amicably and avoid protracted legal proceedings, which could have implications for the airline's operations and financial stability.

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