SpiceJet settles ₹23.39-million dispute with Aircastle, Wilmington Trust

The development comes days after the budget carrier SpiceJet amicably resolved a similar dispute with a US-based aircraft leasing firm, BBAM.

Budget carrier SpiceJet on Tuesday (October 15, 2024) said it has successfully settled a USD 23.39-million dispute with two aircraft lessors -- Aircastle and Wilmington Trust, days after amicably resolving a similar dispute with a US-based aircraft leasing firm, BBAM.

Also read: SpiceJet says reached settlement on ₹413-crore dispute with Echelon Ireland Madison One

As part of the settlement, all ongoing litigation and disputes between the parties will be withdrawn at appropriate forums, the airline said in a statement.

SpiceJet has "successfully settled" a USD 23.39-million dispute with Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Ltd for an aggregate sum of USD 5-million, together with agreement in relation to the treatment of certain aircraft engines, the statement added.

Resolved to settle out of court

Both parties have reached this agreement through amicable negotiations, choosing to resolve the matter outside the courtroom, it said.

"We have successfully resolved this long-standing dispute with Aircastle and Wilmington Trust. With this and other significant settlements, SpiceJet continues to strengthen its financial position and lay the groundwork for a more resilient future," said Ajay Singh, Chairman and Managing Director of SpiceJet.

This settlement follows two other financial agreements by the airline in recent weeks. As apart from the settlement with BBAM earlier this month, on September 24, the company had settled a dispute with Engine Lease Finance Corporation (ELFC), which initially claimed USD 16.7 million, for an undisclosed lower amount, as per SpiceJet..

Published - October 15, 2024 11:58 am IST