SpiceJet : and AerCap Settle $29.9 Million (INR 250 Crore) Dispute

GURUGRAM, February 28, 2024: 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 last week that settlement terms had been reached and requested an adjournment. The Court graciously granted the adjournment. The matter is now scheduled to be formally withdrawn on 1st March, 2024.

SpiceJet recently secured investments totaling INR 1060 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.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, "I am pleased to announce that SpiceJet and Celestial Aviation have successfully resolved our $29.9 million dispute through mutual agreement. This settlement marks a significant step forward for both parties and underscores our commitment to finding amicable solutions to complex challenges. With this resolution, we can now focus on revamping our fleet and driving our business forward. I am grateful for the support of our stakeholders, including our investors, as we navigate through this process."

About SpiceJet:

SpiceJet is India's favourite airline that has made flying affordable for more Indians than ever before. SpiceJet is an IATA-IOSA certified airline that operates a fleet of Boeing 737s, Q-400s & freighters and is the country's largest regional player operating multiple daily flights under UDAN or the Regional Connectivity Scheme. The majority of the airline's fleet offers SpiceMax, the most spacious economy class seating in India.