SpiceJet (SG, Delhi International) owes an Aviator Capital special purpose vehicle INR580 million rupees (USD6.9 million), according to the Mint outlet. Aviator ML 29641 Limited is the latest in a string of lessors and leasing SPVs to take the low-cost carrier to court to try to extract monies owed.
The proceedings, first reported by ch-aviation earlier this month, relates to the June 2017 lease of a B737-800 registered as VT-SGJ (msn 29641). In an October 14, 2024, hearing before the specialist bankruptcy court, the National Company Law Tribunal, the lessor's counsel said the cited figure reflected the amount outstanding as of June 29, 2024. He also added that while settlement talks were underway, the parties were yet to reach an agreement.
Aviator ML 29641 Limited joins TechJockey InfoTech Private Limited; Alterna Aircraft V.B. Limited; Shannon Engine Support Limited; and DAE Capital SPVs AWAS 36695 Ireland Limited, AWAS 36698 Ireland Limited, and AWAS 36694 Ireland Limited all trying to get SpiceJet to pay its debts.
Last month, SpiceJet successfully raised INR30 billion (USD356.8 million), which has allowed it to begin paying out some of its liabilities, including USD22.5 million to settle lease arrears with three BBAM-controlled SPVs and an undisclosed amount to settle a USD16.7 million dispute with Engine Lease Finance Corporation. SpiceJet says it has set aside USD89.5 million to settle creditor liabilities, including aircraft and engine lessors, engineering vendors, and financiers.
The NCLT has relisted the matter for mention on November 11 when SpiceJet is expected to file a reply to Aviator ML 29641 Limited's demand notice.
