SPICEJET ENGINE LESSOR
Delhi High Court seeks SpiceJet's response on lessor's plea for attachment of assets
Delhi High Court seeks response from SpiceJet regarding attachment of assets to enforce UK court decrees for $13.82 million payment to a aircraft lessor. Court gives airline one week to respond.
SpiceJet faces contempt notice from Delhi HC for non-compliance
The Delhi High Court issued a contempt notice to SpiceJet and its executives for failing to comply with a May 27 order to return two Boeing aircraft and three engines to lessor TWC Aviation Capital. The court warned that contempt proceedings will proceed unless SpiceJet complies by July 8.
NCLT to hear insolvency plea filed by Engine Lease Finance against SpiceJet on August 2
The National Company Law Tribunal (NCLT) has sent a notice to SpiceJet following an insolvency plea initiated by Engine Lease Finance BV, an aircraft engine lessor involved with the financially troubled airline.
Dispute with Raymach Tech settled: SpiceJet to NCLT
SpiceJet Ltd settled a dispute with Raymach Technologies over ₹2.7 crore worth of unpaid dues at the National Company Law Tribunal.
SpiceJet plans to raise Rs 2,000 crore by August, increase capacity: Singh
SpiceJet aims to raise Rs 2,000 crore by August for capacity expansion via aircraft leasing, with plans for another round of fundraising after a previous attempt fell through due to investor withdrawals. Chairman Ajay Singh outlined a strategy to raise $250 million by mid-August, expressing confidence in the airline's resilience despite financial challenges and a reduced fleet strength of around 25 operating planes.
Engine Lease Finance files fresh insolvency plea against SpiceJet
Engine Lease Finance is the latest of engine lessors that have approached courts accusing SpiceJet of defaulting on payments and seeking repossession of engines.
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Engine Lease Finance moves insolvency plea against SpiceJet
SpiceJet, a low-budget airline, has filed an insolvency plea against its debt-ridden debtor, Engine Lease Finance BV, over non-payment of over USD 12 million. ELF has leased eight engines to SpiceJet and has claimed around USD 16 million in interest and rental. The matter was listed before the Delhi-based bench of the National Company Law Tribunal (NCLT), where SpiceJet was directed to file its response. ELF, the world's leading independent engine financing and leasing company, has previously approached the Delhi High Court after terminating a lease for two engines.
Delhi HC asks SpiceJet to pay $4.8 mn to engine lessors in four instalments
Indian carrier SpiceJet has been directed by the Delhi High Court to pay $4.8 million in four instalments as an interim arrangement to continue using their three leased engines. If the payment is not made, SpiceJet will be liable to ground and return the engines within 15 days.
Delhi HC upholds order asking SpiceJet to return two leased aircraft, three engines
While dismissing as withdrawn the airline’s appeal, a bench led by Justice Rajiv Shakhder granted the low cost carrier three weeks time till June 17 to return the aircraft and engines along with technical records. The single judge had asked SpiceJet to return the engines by May 28.
EaseMyTrip's Nishant Pitti, SpiceJet owner Ajay Singh pull out of Go First race
The Singh-Pitti consortium's pullout leaves the revival of Go First in jeopardy. They were the frontrunners for the troubled airline with a total bid of around ₹1,600 crore.
Delhi High Court orders SpiceJet to pay $1.58 million to engine lessors by May 22
Delhi HC orders SpiceJet to pay $1.58 million to engine lessors by May 22. Ongoing negotiations for settlement. Rs 50 crore payment deadline to avoid grounding engines, with total dues $10.84 million.
Go First planes need engines, spare parts; lessors to take longer to fly them out of India
Industry experts anticipate that it will take longer for lessors to remove Go First's 54 deregistered planes from the country due to engine and spare parts requirements. The majority of these planes, stopped in May 2023, need maintenance and approvals for flight after being grounded for a year.
Pay Rs 50 cr to engine lessors or face grounding: Delhi High Court's 'one last opportunity' to SpiceJet
The Delhi High Court granted SpiceJet "one last opportunity" to pay Rs 50 crore to its engine lessors, Team France and Sunbird France, or face grounding of two engines. Justice Pratibha Singh instructed SpiceJet's counsel to confirm by Friday a reasonable timeframe for payment and whether one grounded engine can be returned. SpiceJet owes $10.84 million, having paid over $5 million since December.
Very little left to sell in Go First with planes gone
On Friday, the high court asked the Directorate General of Civil Aviation (DGCA) to deregister and hand over all the 54 planes to lessors. It also directed the resolution professional (RP) to provide all information regarding the airline to the lessors while restraining the airline from taking away any documents or spare parts from the planes.
Delhi HC asks DGCA to deregister all 54 of Go First's leased planes, gives 5 days' time
In a setback for the struggling airline, the court also restrained the RP from replacing, taking out any accessories, spare parts, documents or any material from the aircraft while directing him to provide up to date information and documentation related to the aircraft to the lessors.
Delhi HC seeks response from SpiceJet on enforcement petition by lessor
In 2017, GASL Ireland had leased its B737-800 aircraft to the airline. But SpiceJet had not made certain rental payments and owed $5.33 million to lessor in February 2022.
SpiceJet settles Rs 93 crore dispute with lessor
SpiceJet said that as part of the arrangement, the airline will also benefit from transfer of airframe and an engine at no additional cost, augmenting its operational capabilities.
SpiceJet settles Rs 93 cr dispute with Cross Ocean Partners
SpiceJet informed the Delhi High Court about settling its Rs 93 crore dispute with aircraft leasing firm Cross Ocean Partners. As part of the settlement, SpiceJet will acquire additional assets, including an airframe and an engine. The settlement is expected to result in substantial cost savings for SpiceJet. The airline recently settled with AerCap subsidiary Celestial Aviation at Rs 250 crore
Delhi High Court orders SpiceJet to return engine to Belgian leaser by March 10
The HC cautioned SpiceJet to take the deadline seriously while the lessor sought to initiate contempt proceedings against Singh if the engine was not returned as per the scheduled date. The carrier said it was ready to return the engine at its own expense through transport cargo before the deadline ends, but it was waiting for various clearances, including customs for the delivery. Both Spicejet and Engine Lease Finance agreed to get the inspection of the engine done by their own agencies by February 26.
SpiceJet case: Third party agency to inspect condition of engine to avoid dispute later on, HC says
The Delhi High Court asked for the name of a third-party agency to inspect and certify the condition of SpiceJet's engine, which was leased to Brussels on an "as is where is" basis. The court on Monday had asked SpiceJet to respond to the offer. SpiceJet has already returned eight of the nine engines it had leased from Engine Lease Finance. The court has also directed SpiceJet to inform the court if it could deliver the engine under a 2017 agreement.
Delhi HC seeks SpiceJet's response on lessor's offer to re-deliver a leased engine
Directing the SpiceJet's senior counsel to take instructions from the airline if they can deliver the engine in terms of clause 20 of the 2017 Aircraft Engine General Agreement, the high court asked the airline to inform it about its stand on Wednesday.
Pay $4 m to lessors by Feb 15: HC to SpiceJet
Justice Pratibha Singh noted that in terms of the previous order, SpiceJet had paid $450,000, but the rest of the money was yet to be paid. Noting that the airline has received substantial funding, the high court warned Spicejet "this can't go on like this...you may have to clear other outstandings but pay $4 million upfront (to lessors). This cannot work," the judge said.
Delhi HC comes down heavily on SpiceJet, asks carrier to cough up $4 mn by Feb 15 on lessors' plea
The Delhi High Court has ordered SpiceJet to pay $4 million to its engine lessors, and the lessors have sought grounding of the aircraft. SpiceJet has returned three out of four engines and has raised funds through the Emergency Credit Line Guarantee Scheme (ECLGS). It informed the HC that they have received the first tranche of $90 million and the next tranche of $4 billion in cash will be received soon.
Delhi HC raps SpiceJet on delay in payment to lessors, says return the engines if you can’t pay
The Delhi High Court has asked Ajay Singh's SpiceJet to pay $450,000 to lessors Team France and Sunbird France by January 3 and submit an affidavit outlining plans to settle the remaining $12.9 million dues. The court directed SpiceJet to clarify intentions about redelivering the engine. The lessors also mentioned damage to some engines
SpiceJet looks to raise fesh capital as lessor impounds aircraft
SpiceJet has been facing a cash crunch for the past several quarters. It is also dealing with multiple court cases regarding money owed to Maran, financial services firm Credit Suisse, and lessors. The airline has incurred losses since 2018-19, with a net loss of Rs 1,513 crore in 2022-23 and Rs 1,744 crore in 2021-22. In the first quarter of the current fiscal year, the airline made a net profit of Rs 197.6 crore.
AWG downgrades India again as lessors fail to get back planes from Go First
Global watchdog group Aviation Working Group (AWG) downgraded India to "negative" from "positive" on Thursday as foreign lessors have not been able to get back their aircraft from Wadia group's grounded airline Go First, which declared bankruptcy seven months ago.
Spicejet and aircraft lessor Celestial Aviation in advanced stages of settlement
Spicejet and Celestial Aviation Services Ltd are in advanced stages of settlement over a default of $29.9 million for nine aircraft. The matter has been deferred to November 7 by the National Company Law Tribunal. Spicejet is facing insolvency proceedings from two other aircraft lessors and an engine lessor, and has argued against the maintainability of these petitions. The airline has reached out to multiple lessors with an offer to allocate shares in lieu of its dues, but only Carlyle Aviation Partners has agreed so far. The government has exempted aircraft and aircraft engines from a mandatory moratorium on assets.
WLFC asks NCLT to issue notice in Spicejet insolvency case
The senior counsel for WLFC argued that the company was within its rights to file an insolvency petition Spicejet under Section 9 of the Insolvency and Bankruptcy Code, 2016. The counsel referred to the mail correspondence between WLFC and Spicejet to establish that the servicer was handling debt negotiations in this case. The counsel also referring to the service agreement showed that the agreement allowed it on behalf of the operational creditors to collect dues.
SpiceJet questions the maintainability of insolvency petitions by aircraft lessors Wilmington and Celestial
Spicejet is challenging the insolvency petitions filed against it by aircraft lessors Wilmington Trust SP Services and Celestial Aviation Services. Spicejet argues that the petitions are not maintainable due to issues with the ownership and registration of the aircraft. Aircastle (Ireland) Ltd, the owner of the aircraft in Wilmington's case, transferred the petition to Aircaste (Ireland) Ltd, which Spicejet claims cannot be considered the operational creditor.
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