Spicejet and Celestial aviation near settlement

11 Oct 2023 CW Team

Spicejet and Celestial Aviation Services informed the National Company Law Tribunal that they were in the advanced stages of settlement. Celestial Aviation Services had initiated insolvency proceedings against the low-cost airline for a default of $29.9 million for nine aircraft in August. The counsel for Spicejet stated, "We are trying to settle the matter, and most likely, it will get settled." At the request of both counsels, the NCLT deferred the matter to November 7. Spicejet is currently facing insolvency proceedings from two other aircraft lessors, Aircastle (Ireland) and Wilmington Trust SP Services (Dublin), and an engine lessor, Willis Lease Finance Corporation. The airline has argued against the maintainability of all these petitions. Aircastle had previously rejected Spicejet's offer to allocate shares in lieu of its dues. The company had extended a similar offer to multiple lessors, but until now, only Carlyle Aviation Partners, which had the highest exposure to the airline, has agreed to acquire a 5.91% stake.

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