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to the press release, “as part of the settlement, all ongoing litigation and disputes between the parties will be withdrawn at the appropriate forums.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.

Real Estate

31 Oct 2025

Birla Estates Tops Global GRESB 2025 Rankings

Birla Estates (BEPL), a wholly owned subsidiary of Aditya Birla Real Estate (formerly Century Textiles and Industries Limited), has been recognised as a Sector Leader in the 2025 GRESB Real Estate Assessment, securing top honours across multiple global and regional categories.Birla Estates’ Achievements in GRESB 2025:Global Sector Leader – ResidentialGlobal Sector Leader – Non-Listed ResidentialRegional Sector Leader – Asia – ResidentialRegional Sector Leader – Non-Listed – Asia – ResidentialThese distinctions reaffirm Birla Estates’ exceptional performance in Environmental, ..

Infrastructure Transport

31 Oct 2025

Progota India Secures RDSO Clearance for Kavach 4.0

Concord Control Systems, one of India’s leading manufacturers of embedded electronic and critical system solutions, announced that its associate company, Progota India, has received Technical Prototype Clearance from the Research Designs and Standards Organisation (RDSO) for Kavach 4.0, the latest version of Indian Railways’ indigenous Automatic Train Protection (ATP) system.With this clearance, Progota has been formally approved to execute its ongoing trial order from South Central Railway, marking a key milestone in India’s railway modernization journey. The approval also establishes P..

Infrastructure Urban

31 Oct 2025

MPS Interactive Systems Completes Full Acquisition of Liberate Group

MPS Interactive Systems (MPSi), a material subsidiary of MPS, has completed the acquisition of the remaining shareholding in the Liberate Group of Companies—comprising Liberate Learning, App-eLearn, and Liberate eLearning.With this transaction, MPSi now holds 100 per cent ownership of all entities within the Liberate Group, making them its wholly owned subsidiaries. The acquisition was executed in line with the valuation methodology defined in the original transaction documents.Commenting on the development, Rahul Arora, Chairman and CEO of MPS, said, “The corporate learning sector continu..