SpiceJet finalises settlement with Engine Lease Finance Corporation
The representatives of both parties will now formalise the settlement agreement, with a view to withdrawing all ongoing litigation and ending disputes between them.
SpiceJet has informed exchanges that the company has successfully resolved its dispute with Engine Lease Finance Corporation (ELFC) through an amicable settlement. ELFC, which had previously claimed $16.7 million, has agreed to settle for an undisclosed amount, which is lower than the initial claim.
The representatives of both parties will now formalise the settlement agreement, with a view to withdrawing all ongoing litigation and ending disputes between them. This settlement marks a significant step in SpiceJet’s ongoing efforts to streamline its operations and focus on future growth.
Ajay Singh, Chairman and Managing Director of SpiceJet, said, “We are pleased to have reached a mutually beneficial settlement with ELFC, which enables us to move forward with a clean slate. This agreement not only resolves past issues but also strengthens our position as we embark on the next phase of growth and expansion.”
Meanwhile, the counter opened in green at Rs 70.40 against the previous close of Rs 70.28 on the BSE. Last seen, the scrip was trading at Rs 69.33.
Earlier on Monday, the National Company Law Tribunal (NCLT) issued notice to debt-ridden air carrier SpiceJet over the plea filed by one of its operational creditors.
A two-member NCLT bench, comprising Mahendra Khandelwal and Sanjeev Tanjan, has directed Spicejet to file a reply and list the matter for the next hearing on November 14.
SpiceJet is already facing several insolvency petitions from creditors, including Willis Lease, Aircastle Ireland Ltd, Wilmington and Celestial Aviation at NCLT and the appellate tribunal NCLAT.
The latest petition is by Techjockey Infotech Pvt Ltd, an operational creditor, filed under section 9 of the Insolvency & Bankruptcy Code, through Karanjawala & Co.
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