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SpiceJet Case
SpiceJet is facing fresh round of troubles as three Ireland-based aircraft lessors and a former pilot have filed insolvency pleas in NCLT against the budget carrier, claiming defaults. Three lessors - NGF Alpha, NGF Genesis and NGF Charlie- have filed petitions under Section 9 of IBC, seeking initiation of insolvency proceedings against SpiceJet claiming dues totalling USD 12.68 million (about Rs 110 crore). SpiceJet, during the proceedings of the National Company Law Tribunal, earlier this week, sought some time to resolve the matter as settlement talks were going on. "Counsel on behalf of the Operational Creditor (SpiceJet) is present and sought time to seek instructions on the future course of action to be taken in the matter," NCLT said in an order. The insolvency tribunal directed to list all three petitions on April 7, 2025, for the next hearing. The lessors had earlier leased five Boeing 737 to SpiceJet. They had served legal notice to SpiceJet wherein they alleged theft o
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,
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
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
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
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