SpiceJet (SG, Delhi International) and Celestial Aviation Services Limited (UK) have settled their USD29.9 million aircraft lease dispute through "amicable negotiations," according to a February 28 Bombay Stock Exchange filing.
Last June, the AerCap special purpose vehicle commenced proceedings against the LCC at the National Company Law Tribunal (NCLT) concerning unpaid leases for nine aircraft. However, India's Mint outlet reported that the two parties told the NCLT on February 26 that they had settled.
SpiceJet has begun processing payments, with the remaining ones expected to take another week to complete. Counsel for Celestial told the court it would file to withdraw the matter once it receives final payments. The NCLT adjourned the matter until April 1.
"This settlement marks a significant step forward for both parties and underscores our commitment to finding amicable solutions to complex challenges," declared SpiceJet Chairman and Managing Director Ajay Singh.
Celestial Aviation Services Limited was formerly known as GE Capital Aviation Services Limited. AerCap acquired the business in 2021 when it purchased GE's global aviation entities.
SpiceJet recently defeated insolvency petitions from Wilmington Trust SP Services (Dublin) and Willis Lease Finance. However, Aircastle and Alterna Aircraft still have active cases running against the budget carrier at the NCLT.
