SpiceJet and Celestial Aviation, a subsidiary of AerCap, one of the largest aircraft lessor groups, have mutually settled their $29.9 million (INR 250 crore) dispute through amicable negotiations, avoiding litigation.
The representatives of both parties informed a bench of NCLT recently that settlement terms had been reached and requested an adjournment. The Court graciously granted the adjournment. The matter was scheduled to be formally withdrawn this month.
SpiceJet recently secured investments totalling INR 1,060 crore through a preferential issue, with notable investors including Aries Opportunities Fund Limited and Elara India Opportunities Fund Limited. Part of these funds will be allocated towards settling past liabilities, informed a release.