A lessor and a logistics company have filed fresh insolvency petitions against SpiceJet (SG, Delhi International) in the same week the low-cost carrier said it had settled a lease dispute with a third entity.
Eusu Logistics India Pvt. Ltd says it is owed INR19.4 million rupees (USD230,729) for unpaid freight services, while aircraft lessor Falgu Aviation Leasing Ltd told the National Company Law Tribunal (NCLT) it is owed INR680 million (USD8.1 million) during initial hearings last week.
The two companies join TechJockey InfoTech Private Limited; Alterna Aircraft V.B. Limited; DAE Capital special purpose vehicles (SPVs) AWAS 36695 Ireland Limited, AWAS 36698 Ireland Limited, and AWAS 36694 Ireland Limited; and Aviator Capital SPV Aviator ML 29641 in India's specialist bankruptcy court trying to extract monies due from SpiceJet.
Separately, during an October 25 appearance before the tribunal, SpiceJet's counsel said it had reached a settlement with Shannon Engine Support Limited. The lessor was claiming USD4.5 million, but the airline says they settled for USD2 million. SpiceJet calls the settlement "amicable" and says this ends all legal proceedings between the two parties.
The Shannon deal follows the airline's recent agreement with Aircastle Ireland Limited (which had three separate insolvency petitions running in the NCLT, each representing separate aircraft) and Wilmington Trust SP Services (Dublin). SpiceJet says the settlements cost it around USD5 million.
Earlier this month, SpiceJet also settled a USD131.85 million lease dispute with three BBAM SPVs for USD22.5 million. In late September, the carrier settled a USD16.7 million claim with Engine Lease Finance Corporation for an undisclosed amount.
All three settlements follow the airline raising INR30 billion (USD356.8 million) in September, a portion of which was set aside to pay lease arrears and other financial liabilities.
