NEW DELHI: SpiceJet and Celestial Aviation, a subsidiary of AerCap, one of the largest aircraft lessor groups, have mutually settled their $29.9 million (Rs 250 crore) dispute through amicable negotiations, avoiding litigation, the Indian national carrier said in a statement on Wednesday.
According to a press statement issued by the Ajay Singh-promoted airline, the representatives of both parties informed a bench of NCLT last week that settlement terms had been reached and requested an adjournment. The Court graciously granted the adjournment. The matter is now scheduled to be formally withdrawn on March 1, 2024.
SpiceJet recently secured investments totaling Rs 1,060 Crore through a preferential issue, with notable investors including Aries Opportunities Fund Limited and Elara India Opportunities Fund Limited. Part of these funds will be allocated towards settling past liabilities.
In total, SpiceJet is raising Rs 2,250 crore through the preferential issue of shares and warrants. The airline had said that Mumbai-based business couple Harihara Mahapatra and Preeti Mahapatra will together acquire a 19% stake in SpiceJet for Rs 1,100 crore.
Speaking on the occasion, Ajay Singh, chairman and managing director of SpiceJet, said: “ This settlement marks a significant step forward for both parties and underscores our commitment to finding amicable solutions to complex challenges. With this resolution, we can now focus on revamping our fleet and driving our business forward. I am grateful for the support of our stakeholders, including our investors, as we navigate through this process.”