Willis Lease Finance has withdrawn its insolvency appeal against SpiceJet (SG, Delhi International) following a settlement of their long-running lease claim dispute. The Indian airline announced that the terms of the agreement would "result in a substantial saving".
According to court documents seen by ch-aviation, the two parties filed the settlement with the National Company Law Appellate Tribunal (NCLAT) on February 18, 2025. Justice Ashok Bhushan subsequently ordered the appeal to be closed on March 10, and the case was finally disposed of on March 27.
"This successful settlement with Willis Lease reflects the positive impact of our financial restructuring strategy. The qualified institutional placement and the subsequent promoter funding have strengthened our ability to resolve long-standing disputes, enhance financial stability, and drive operational growth," chairman and managing director Ajay Singh said.
The airline said that its strengthened balance sheet would allow it to, among other things, settle the remaining claims of assorted lessors.
Willis Lease Finance originally filed for SpiceJet's insolvency in 2023 over rent for 13 leased engines, claiming approximately USD11 million in debt. The petition was rejected by the National Company Law Tribunal (NCLT) in December 2023 for procedural reasons. The lessor subsequently appealed at the NCLAT in April 2024.
While the Indian airline is progressively settling many of its outstanding lawsuits, it continues to face a double-digit number of ongoing bankruptcy petitions, including some recently filed.
