Latest News | Aircraft Lessor Aircastle Withdraws Insolvency Case Against Airline: SpiceJet

New Delhi, Nov 28 (PTI) SpiceJet on Thursday said aircraft lessor Aircastle has withdrawn the insolvency case against the airline following a "mutually agreed upon settlement".

Last month, SpiceJet announced the resolution of a USD 23.39 million dispute with Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Ltd.

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"Aircastle (Ireland) Designated Activity Company has withdrawn its insolvency case against SpiceJet before the National Company Law Tribunal (NCLT). This follows a mutually agreed-upon settlement, marking a positive turn in the airline's efforts to rebuild and strengthen ties with its partners," the airline said in a statement.

The settlement was reached for an aggregate sum of USD 5 million, alongside an agreement on the treatment of certain aircraft engines, it added.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)