Aircastle drops insolvency case after SpiceJet settlement
SpiceJet said that Aircastle Ltd has withdrawn a petition for civil insolvency after both the parties negotiated a resolution. It was when the NCLT got wind of this event that the complaint was ultimately dismissed.
Therefore intense focus was placed on the $23.39 million in amount which was in arrears.
Apart from the problems associated with some individual types of aircraft engines, the parties agreed on $5.6 million. Through such cooperation, both parties were able to avoid long trail processes as evidenced in this paper.
Shares of SpiceJet rose 3.2% to hit a high of ₹63.4 on the BSE after the news was issued. The market capitalization in this estimation was ₹7,940.04 crore.
This deal is among SpiceJet’s bigger schemes to clear outstanding issues with a number of creditors.
Due to remaining insolvent the airline has been dealing with some insolvency petitions of lessors and operational creditors to run the operations.
