SpiceJet settles Rs 250 cr dispute with Celestial Aviation
SpiceJet has mutually settled its Rs 250 crore dispute with AerCap's subsidiary Celestial Aviation, the company said in a stock exchange clarification on Wednesday.
With this, the company said it will avoid litigation and save Rs 235 crore.
«The representatives of both Parties informed a bench of National Company Law Tribunal (NCLT) last week that settlement terms had been reached and requested an adjournment. The Court graciously granted the adjournment,» it said in a release.
The case will be formally withdrawn on March 1, 2024.
«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,» said Ajay Singh, Chairman and Managing Director, SpiceJet.
«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,» Singh added.
SpiceJet, which recently laid off around 15 per cent of its workforce, announced that it raised Rs 316 crore from investors in the second tranche of capital infusion. Total fund infusion stands at Rs 1,060 crore. It had completed raising the first tranche worth Rs 744 on January 27, through allotment of securities on a preferential basis.
The company plans to raise funds worth Rs 2,250 crore via selling of shares and
