SpiceJet (SG, Delhi International) will settle a USD29.9 million dispute with Celestial Aviation Leasing after reaching a deal on the sidelines of a National Company Law Tribunal (NCLT) hearing in Delhi on October 10.
The matter, Celestial Aviation Services Ltd v. SpiceJet Limited, was first listed in early June 2023 and concerns unpaid leases for nine aircraft. The October 10 hearing was scheduled to hear arguments from counsel for Celestial in favour of declaring SpiceJet insolvent. However, both counsel for both parties told the court the intention was to settle the matter, and Justices Mahendra Khandelwal and Sanjeev Ranjam adjourned the case until November 7. Neither SpiceJet nor Celestial responded to a request for comment.
Celesti…
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