Aircastle says settled insolvency case with SpiceJet, to withdraw plea
This story was originally published at 13:33 IST on 12 November 2024
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NEW DELHI – Aircastle (Ireland) Ltd. on Tuesday informed the Delhi bench of the National Company Law Tribunal that it has settled the insolvency case with SpiceJet Ltd., which owed the company $6 million. Aircastle said it has filed an application in the tribunal seeking to withdraw its insolvency petition against the airline. The tribunal will hear the case on Jan. 9.
Last month, Aircastle had also settled another insolvency case with SpiceJet, where the latter owed it $5.6 million. In that case, the tribunal had noted that the withdrawal application would soon be filed by Aircastle, and listed the case for hearing on Nov. 28.
The cases against SpiceJet arose from the non-payment of lease rentals and other dues to the airline's lessor Aircastle. The lessor had filed the insolvency petition regarding $6-million unpaid debt in May 2023, while it filed the $5.6-million debt case in June 2023.
At 1200 IST, shares of SpiceJet were down 0.5% at INR 59.41 on the BSE. End
US$1 = INR 84.40
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Surya Tripathi
Edited by Tanima Banerjee
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