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SpiceJet Case

Aircraft lessor Genesis to buy SpiceJet's stake to settle $16 mn dispute

SpiceJet on Thursday said aircraft lessor Genesis will acquire a stake worth USD 4 million in the airline as part of settling a more than USD 16 million dispute. For the settlement, the airline will also pay USD 6 million to Genesis. The budget carrier, which recently raised Rs 3,000 crore amid financial headwinds, has been settling various disputes with lessors and other entities. Subject to the settlement terms being satisfied, SpiceJet said both parties have agreed to withdraw all ongoing litigations and disputes related to this matter at the appropriate forums. In a release, the airline said it has reached an amicable settlement with Genesis, resolving their over USD 16 million dispute. 'Under the agreement, SpiceJet will pay Genesis USD 6 million and Genesis will acquire USD 4 million in SpiceJet equity at a price of Rs 100 per share,' it said. In September, Carlyle Aviation agreed to convert USD 30 million of lease arrears into SpiceJet equity at Rs 100 per share. Earlier,

Updated On: 19 Dec 2024 | 1:04 PM IST

Delhi HC summons SpiceJet COO, CEO over non-payment of dues to lessors

The Delhi High Court has directed the chief operating officer and chief executive officer of SpiceJet to appear before it in a plea seeking compliance of over USD 6.03 lakh in payment to the aircraft engines lessors. Justice Manmeet PS Arora "specifically denied" the request of the counsel for judgement debtor, SpiceJet, for the appearance of the two senior officers before the court through video conferencing. "The chief operating officer (COO) and chief executive officer (CEO) of the judgement debtor are directed to remain present in court on the next date of hearing, that is, January 16, 2025," the court said in its order on December 10. The court was hearing an application by the decree holder and aircraft engine lessor Team France 01 SAS and another, seeking a direction for the compliance of the consent order passed on May 29 wherein the airline was directed to make the payment of USD 6,03,870.82 to the decree holders. In the recent hearing, Spicejet's counsel urged the court t

Updated On: 16 Dec 2024 | 7:13 PM IST

Aircastle drops insolvency case against SpiceJet after $5.6 mn settlement

Earlier in November, the airline had announced the resolution of a $23.39 million dispute involving Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Ltd

Updated On: 28 Nov 2024 | 1:06 PM IST

SpiceJet settles $23.39 mn dispute with Aircastle, Wilmington Trust

Budget carrier SpiceJet on Tuesday 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. 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. 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

Updated On: 15 Oct 2024 | 10:38 AM IST

SpiceJet faces new insolvency case over Rs 58 crore unpaid dues to lessor

SpiceJet faces new insolvency plea in NCLT over Rs 58 crore unpaid dues to lessor Aviator ML 29641 Ltd, the tribunal has given the airline time to respond, the next hearing is on Nov 11

Updated On: 14 Oct 2024 | 3:54 PM IST

SpiceJet clears salary dues days after raising Rs 3K crore through QIP

The domestic passenger market share of the airline had shrunk to just 2.3 per cent in August this year, as per the latest data released by the Directorate General of Civil Aviation (DGCA)

Updated On: 26 Sep 2024 | 4:58 PM IST

Fueled by Rs 3,000 crore fundraise, SpiceJet to aim 100 aircrafts by 2026

SpiceJet will aim for 100 aircraft by 2026, announced following a Rs 3,000 crore QIP. The airline is facing financial crisis that arose due to Covid-19 driven operational challenges and other factors

Updated On: 25 Sep 2024 | 1:35 PM IST

SpiceJet resolves $16.7 mn dispute with Engine Lease Finance Corporation

Representatives from both SpiceJet and ELFC are set to formalise the agreement, effectively ending all legal proceedings between the two

Updated On: 24 Sep 2024 | 11:48 AM IST

SpiceJet's share sale likely to lure Tata Mutual Fund among others

The budget airline owes payments to airports, has placed staff on leave without pay and withheld mandatory social security payments since January 2022

Updated On: 20 Sep 2024 | 12:12 AM IST

SpiceJet to pay elderly couple full refund for flight cancelled in Covid

A consumer commision here has directed private carrier SpiceJet Limited to refund a senior citizen couple the amount they had paid for a flight cancelled during the COVID-19 pandemic. The commission held that the airline was guilty of deficiency in service by not refunding the ticket cost after the flight cancellation and despite clear guidelines from the Supreme Court and aviation regulator DGCA (Directorate General of Civil Aviation). The district consumer disputes redressal commission (Mumbai suburban) passed the order last month and its details were available recently. As per the order, the complainants, residents of suburban Chembur, had booked two tickets on June 24, 2020, from Mumbai to Pondicherry via Bangalore for a scheduled flight on July 1 and paid Rs 13,696 through a credit card for both tickets. As per their complaint, the couple later received an email from the airline informing them that their flight had been cancelled. In another email, SpiceJet told the couple th

Updated On: 11 Sep 2024 | 10:15 PM IST

HC refuses to interfere with order directing SpiceJet to ground 3 engines

The Delhi High Court on Tuesday refused to interfere with an order directing low-cost airline SpiceJet to ground three aircraft engines for defaulting on payment to engine lessors. A bench of Justices Rajiv Shakdher and Amit Bansal said the appeals of SpiceJet challenging a single judge's order to ground three aircraft engines and hand those over to the lessors was accordingly not entertained. "We are not inclined to interfere with the impugned order. The impugned direction has not been interfered with by us. The appeals are accordingly not entertained," the bench said while pronouncing its verdict on the appeals. SpiceJet has challenged a single judge's August 14 order directing it to ground three engines by August 16 and hand them over to their lessors within 15 days. The judge had directed the airline to offer prior inspection of the engines to the lessors -- Team France 01 SAS and Sunbird France 02 SAS -- through their authorised representative at the Delhi airport within seven

Updated On: 11 Sep 2024 | 2:46 PM IST

Delhi HC tells SpiceJet to personally guarantee payment to lessors

The court had earlier given SpiceJet a final chance to settle a payment of Rs 50 crore to its engine lessors, Team France and Sunbird France

Updated On: 08 Aug 2024 | 8:51 PM IST

SpiceJet share price up 4.5% after SC upholds Delhi HC order favouring co

SpiceJet Supreme Court order: The Supreme Court, today, likely dismissed a petition filed by Kalanidhi Maran against the Delhi High Court's order which quashed the arbitral award in favour of Maran

Updated On: 26 Jul 2024 | 1:36 PM IST

SpiceJet to seek Rs 450 cr refund from former promoter Kalanithi Maran

Airline taking step after Delhi High Court gave it reprieve in share transfer dispute

Updated On: 22 May 2024 | 8:51 PM IST

SpiceJet to seek refund of Rs 450 crore from Kalanithi Maran and his firm

Private airline SpiceJet has already disbursed Rs 730 crore to Maran and his firm, of which, Rs 580 crore represents the principal amount, with an additional interest component of Rs 150 crore

Updated On: 22 May 2024 | 1:28 PM IST

Delhi HC asks SpiceJet to pay Rs 50 cr or face grounding of two engines

Justice Pratibha Singh instructed the SpiceJet counsel to obtain guidance by May 3 regarding the feasible time period for SpiceJet to pay Rs 50 crore to its lessors

Updated On: 02 May 2024 | 9:18 AM IST

SpiceJet to own 13 Bombardier Q400 planes after $91 mn settlement

SpiceJet has over the last few months reached settlements with multiple lessors, including Aercap, as the company looks to restore its grounded fleet and return to full capacity

Updated On: 26 Mar 2024 | 2:32 PM IST

Cash-strapped SpiceJet to lay off 1,400 employees as cost-cutting measure

As part of cost-cutting measures aimed at sustaining investor interest, SpiceJet will reduce around 15% of its workforce

Updated On: 12 Feb 2024 | 10:32 AM IST

Made payment to Credit Suisse in line with court order, SpiceJet tells SC

In September, the SC permitted SpiceJet to pay the Swiss firm $1 million per month for six months to settle its $3 million arrears

Updated On: 04 Dec 2023 | 11:38 PM IST

'We are struggling to stay afloat', SpiceJet tells Delhi High Court

Singh had sought to set aside a portion of the award, which directed the airline to refund Rs 270 crore to Kal Airways and Maran

Updated On: 20 Nov 2023 | 10:05 PM IST