Aircastle (Ireland) Designated Activity Company has officially withdrawn its insolvency proceedings against SpiceJet at the National Company Law Tribunal (NCLT) following a mutually agreed settlement.
Last month, the two parties resolved a $23.39 million dispute for a combined payment of $5 million, which included an agreement on specific aircraft engines. This amicable arrangement allowed both sides to avoid lengthy litigation, withdrawing all ongoing disputes.
This resolution represents a significant step for SpiceJet, which is currently working to strengthen relationships with partners and has recently completed a Rs 3,000 crore Qualified Institutional Placement to enhance its financial position.
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