Gurugram, India : SpiceJet and Celestial Aviation, a subsidiary of AerCap, have successfully settled their $29.9 million (INR 250 Crore) dispute through mutual agreement, sidestepping the need for litigation.
Representatives from both parties informed a bench of the NCLT last week that settlement terms had been reached and requested an adjournment, which the court graciously granted. The matter is now slated to be formally withdrawn on March 1, 2024.
In a recent development, SpiceJet secured investments amounting to INR 1060 Crore through a preferential issue, with prominent investors such as Aries Opportunities Fund Limited and Elara India Opportunities Fund Limited participating. A portion of these funds will be allocated towards addressing past liabilities.
Ajay Singh, Chairman and Managing Director of SpiceJet, expressed his satisfaction, stating, “I am delighted to announce the successful resolution of our $29.9 million dispute with Celestial Aviation through mutual agreement. This settlement represents a notable advancement for both parties and highlights our dedication to seeking harmonious resolutions to intricate issues. With this matter resolved, we can now concentrate on rejuvenating our fleet and propelling our business forward. I extend my gratitude to our stakeholders, including our investors, for their unwavering support as we navigate through this process.”