Clear lease dues via shares, SpiceJet told

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₹231 crore. However, Aircastle, Willis Lease Finance and Wilmington are not part of the group of lessors who will receive SpiceJet shares.

The airline will be issuing shares to SASOF III (A13) Aviation Ireland DAC, SASOF III (A6) Aviation Ireland DAC, SASOF III (C) Aviation Ireland DAC, SASOF III (E) Aviation Ireland DAC, SASOF III (A19) Aviation Ireland DAC, SASOF II (J) Aviation Ireland DAC, Citrine Aircraft Leasing, Fly Aircraft Holdings One and Fly Aircraft Holdings Seven. Aircastle’s plea has already been considered by the tribunal.

In March, Wilmington and Aircastle deregistered aircraft from the Directorate General of Civil Aviation (DGCA) under the irrevocable de-registration and export request authorisations route. SpiceJet argued that Willis Lease Finance and Wilmington were not direct lessors and were therefore not in a position to initiate insolvency proceedings against the airline.

Willis Lease Finance, however, said that they are service providers to lessors, and therefore should be treated as lessors. Wilmington, too, argued that they were trustees of Aircastle and should be allowed to initiate insolvency proceedings against the airline.