Aircastle withdraws insolvency case against SpiceJet after settlement
Aircastle has withdrawn its insolvency case against low cost airline Spicejet before the National Company Law Tribunal (NCLT), the airline said in a press release.
This comes after the two parties mutually agreed upon settlement. This is a positive turn in the airline's efforts to rebuild and strengthen ties with its partners.
In September, SpiceJet announced the resolution of a $23.39 million dispute with Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Limited. The settlement was reached for an aggregate sum of $5 million, alongside an agreement on the treatment of certain aircraft engines. Both parties opted for an a negotiation process to avoid prolonged courtroom proceedings.
As part of the settlement, all ongoing litigations and disputes between the two parties have been withdrawn from the several forums.
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