+
SpiceJet settles $23.39 million dispute
AVIATION & AIRPORTS

SpiceJet settles $23.39 million dispute

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to the press release, “as part of the settlement, all ongoing litigation and disputes between the parties will be withdrawn at the appropriate forums.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

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.

Next Story
Real Estate

Shriram Properties Launches ‘Codename: The One’ in Bengaluru

Shriram Properties (SPL), a leading real estate developer focused on the mid-market and mid-premium segments, has announced the launch of its latest residential project under the banner “Codename: The One” in Bengaluru’s Electronic City corridor. This feature-rich gated community will offer 340 spacious 2- and 3-BHK residences, with a total saleable area of approximately 5 lakh square feet and an estimated revenue potential of over Rs 3.5 billion. The project is expected to be developed over a span of more than three years.  Strategically located near the Bommasandra Metro stat..

Next Story
Resources

India Warehousing Show 2025 Closes with Strong Global Presence

The 14th edition of the India Warehousing Show (IWS) 2025 concluded successfully at Yashobhoomi (IICC), Dwarka, drawing participation from over 300 exhibitors across 15 countries and welcoming 15,000+ visitors. Recognised as India’s leading platform for warehousing and logistics excellence, IWS 2025 offered a comprehensive display of cutting-edge automation, sustainable warehousing solutions, and next-gen supply chain technologies. The show was inaugurated by Shri Pankaj Kumar, Joint Secretary – Logistics, DPIIT, Ministry of Commerce and Industry, Government of India. In his opening a..

Next Story
Equipment

MHIET Launches 450kW Gas Cogeneration System with H₂ Co-Firing

Mitsubishi Heavy Industries Engine & Turbocharger (MHIET), part of the Mitsubishi Heavy Industries Group, has launched a new 450kW gas cogeneration system, the SGP M450, jointly developed with Toho Gas Co.,. The system supports hydrogen co-firing at up to 15 vol per cent, with no loss in performance or reliability.  The system is currently available in the Japanese market, and has been developed from the existing GS6R2 city gas engine platform. Key modifications were made to the fuel gas and engine control systems to enable hydrogen co-firing.   Verified through de..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?