SpiceJet resolves dispute with Aircastle and Wilmington Trust for $5 million

16 Oct 2024 CW Team

SpiceJet announced that it has settled its $23.39 million dispute with Wilmington Trust SP Services (Dublin) Limited and Aircastle (Ireland) Designated Activity Company for a total payment of $5 million.

The settlement also covers an agreement regarding the handling of specific aircraft engines. Both parties decided to resolve the matter amicably through discussions, avoiding further legal proceedings.

Ajay Singh, Chairman and Managing Director, SpiceJet stated, “We are pleased to have resolved this long-standing dispute with Aircastle and Wilmington Trust. This settlement reflects our commitment to resolving matters in the best interest of the company and its stakeholders. With this and other significant settlements, SpiceJet continues to strengthen its financial position and lay the foundation for a more resilient future. We remain focused on our operational goals and enhancing the customer experience.”

According to the airline’s press release, all ongoing litigation between the parties will be withdrawn across relevant forums. The resolution aligns with SpiceJet's broader efforts to restore financial stability and mitigate legal risks.

This settlement follows two other major financial resolutions for the airline. On October 9, SpiceJet reached an agreement with Horizon Aviation entities managed by Babcock & Brown Aircraft Management, settling a $131.85 million dispute for $22.5 million. Earlier, on September 24, it finalised a settlement with Engine Lease Finance Corporation (ELFC) over a $16.7 million claim, though the final amount was not disclosed.

“These three consecutive settlements highlight SpiceJet’s determination to address financial challenges and build a stable platform for future growth and operational efficiency,” the release concluded.

(ET)

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..