SpiceJet settles $23.39 million dispute

16 Oct 2024 CW Team

“We are pleased to have successfully resolved this long-standing dispute with Aircastle and Wilmington Trust. This settlement underscores our commitment to amicably resolving matters in the best interest of the company and all stakeholders.

With this and other significant settlements, SpiceJet continues to strengthen its financial position and lay the groundwork for a more resilient future. We look forward to focusing on our operational goals and enhancing our customer experience,” said Ajay Singh, Chairman and Managing Director, SpiceJet. According to the press release, “as part of the settlement, all ongoing litigation and disputes between the parties will be withdrawn at the appropriate forums.

This resolution further strengthens SpiceJet’s commitment to restoring financial stability and mitigating legal liabilities”. This payment comes after SpiceJet made two other large financial deals in the last few weeks.

The airline and lessors Horizon Aviation 1 Ltd., Horizon II Aviation 3 Ltd., and Horizon III Aviation 2 Ltd. (managed by Babcock & Brown Aircraft Management) successfully settled a $131.85 million dispute on October 9 for $22.5 million.

The company had already reached a settlement with Engine Lease Finance Corporation (ELFC), which had initially sought $16.7 million, on September 24 for a lesser sum that was not made public. “These three key settlements in rapid succession showcase SpiceJet’s dedication to addressing its financial challenges and securing a stronger, more stable foundation for future growth and operational efficiency”, the release added.

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 of $5 million. It includes an agreement over the treatment of certain aircraft engines. The parties have chosen to settle the dispute outside of court and have come to this agreement through friendly discussions.“We are pleased to have successfully resolved this long-standing dispute with Aircastle and Wilmington Trust. This settlement underscores our commitment to amicably resolving matters in the best interest of the company and all stakeholders. With this and other significant settlements, SpiceJet continues to strengthen its financial position and lay the groundwork for a more resilient future. We look forward to focusing on our operational goals and enhancing our customer experience,” said Ajay Singh, Chairman and Managing Director, SpiceJet. According to the press release, “as part of the settlement, all ongoing litigation and disputes between the parties will be withdrawn at the appropriate forums. This resolution further strengthens SpiceJet’s commitment to restoring financial stability and mitigating legal liabilities”. This payment comes after SpiceJet made two other large financial deals in the last few weeks. The airline and lessors Horizon Aviation 1 Ltd., Horizon II Aviation 3 Ltd., and Horizon III Aviation 2 Ltd. (managed by Babcock & Brown Aircraft Management) successfully settled a $131.85 million dispute on October 9 for $22.5 million.The company had already reached a settlement with Engine Lease Finance Corporation (ELFC), which had initially sought $16.7 million, on September 24 for a lesser sum that was not made public. “These three key settlements in rapid succession showcase SpiceJet’s dedication to addressing its financial challenges and securing a stronger, more stable foundation for future growth and operational efficiency”, the release added.

Infrastructure Energy

08 Oct 2025

India, Brazil Discuss Energy Ties And Oil Investments

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri held discussions with Celso Luis Nunes Amorim, Special Advisor to the President of Brazil, and senior Brazilian officials to strengthen bilateral cooperation in the oil, gas, and energy transition sectors. The talks took place during a dinner hosted by Kenneth H da Nobrega, Ambassador of Brazil to India, at his residence in New Delhi.Mr Puri said the meeting focused on Indian investments in Brazil’s oil and gas sector, as well as expanding collaboration in energy transition and biofuels. “The enriching conversation revolved ar..

Infrastructure Energy

08 Oct 2025

ONGC To Invest Rs 8.11 Billion In Andhra Onshore Oil, Gas Project

The Oil and Natural Gas Corporation Limited (ONGC) is set to invest Rs 8.11 billion for the onshore development and production of oil and gas from 172 wells across eight Production Mining Licence (PML) blocks in Andhra Pradesh.A committee under the Ministry of Environment, Forest and Climate Change (MoEFCC) has recommended environmental clearance (EC) for the project during a review meeting held last month.According to the Expert Appraisal Committee (EAC) minutes, the total project cost is estimated at Rs 8.11 billion, with a capital allocation of Rs 172 million towards the Environment Managem..

Infrastructure Energy

08 Oct 2025

Tripura To Supply 40 MW Power To Mizoram For Christmas

The Tripura State Electricity Corporation Limited (TSECL) will supply 40 megawatts (MW) of power to Mizoram during the upcoming Christmas celebrations, continuing a long-standing tradition of power exchange between the two north-eastern states, officials confirmed on Sunday.During Durga Puja, the Mizoram State Power Corporation (MSPC) had supplied an equivalent 40 MW of electricity to Tripura to ensure an uninterrupted power supply during the festive period.“We had an agreement to receive 40 MW during Durga Puja, although the full amount was not utilised due to lower-than-expected demand in ..