SpiceJet faces ₹1,000 crore lawsuit in London over unpaid aircraft dues: Report
Indian airline SpiceJet is facing a $120 million (₹1030 cr) lawsuit in the High Court of Justice in London, filed by four Ireland-registered companies that are part of the Industrial and Commercial Bank of China’s (ICBC) aircraft leasing business, Mid-day reported. The companies reportedly claimed that SpiceJet had failed to make payments for basic rents, neglected engine maintenance dues, and is yet to top up security deposits, as per the terms of its lease agreements.The dispute involves the leasing of three Boeing 737-800 NG aircraft and four Boeing 737-8 MAX aircraft, which were leased to SpiceJet between 2012 and 2018, as per report. The leasing companies argue that SpiceJet has not met its contractual obligations, leading to this legal action seeking the overdue payments.In a separate development, earlier in December 2024, SpiceJet was also slammed by the Delhi High Court. The court had directed the Chief Operating Officer (COO) and Chief Executive Officer (CEO) of SpiceJet to appear before it in a plea seeking compliance for over $6 million in payment to aircraft engine lessors Team France 01 SAS and Sunbird France 02 SAS. These lessors had initiated legal action against SpiceJet due to non-payment of contractual obligations after the termination of their agreements. The Delhi High Court had issued a clear directive for the airline's top executives to comply with the payment orders or face further legal action.This ongoing financial and legal turmoil comes as SpiceJet has been battling mounting debt and operational challenges, which have affected its ability to meet financial obligations. The airline's troubles with aircraft leasing payments have further complicated its efforts to stay afloat.The Delhi High Court had ordered the airline’s senior leadership to comply with the payment requirements, setting a serious precedent for the airline to resolve its financial disputes.(With inputs from syndicated feed)
Indian airline SpiceJet is facing a $120 million (₹1030 cr) lawsuit in the High Court of Justice in London, filed by four Ireland-registered companies that are part of the Industrial and Commercial Bank of China’s (ICBC) aircraft leasing business, Mid-day reported.
The companies reportedly claimed that SpiceJet had failed to make payments for basic rents, neglected engine maintenance dues, and is yet to top up security deposits, as per the terms of its lease agreements.
The dispute involves the leasing of three Boeing 737-800 NG aircraft and four Boeing 737-8 MAX aircraft, which were leased to SpiceJet between 2012 and 2018, as per report. The leasing companies argue that SpiceJet has not met its contractual obligations, leading to this legal action seeking the overdue payments.
In a separate development, earlier in December 2024, SpiceJet was also slammed by the Delhi High Court. The court had directed the Chief Operating Officer (COO) and Chief Executive Officer (CEO) of SpiceJet to appear before it in a plea seeking compliance for over $6 million in payment to aircraft engine lessors Team France 01 SAS and Sunbird France 02 SAS. These lessors had initiated legal action against SpiceJet due to non-payment of contractual obligations after the termination of their agreements. The Delhi High Court had issued a clear directive for the airline's top executives to comply with the payment orders or face further legal action.
This ongoing financial and legal turmoil comes as SpiceJet has been battling mounting debt and operational challenges, which have affected its ability to meet financial obligations. The airline's troubles with aircraft leasing payments have further complicated its efforts to stay afloat.
The Delhi High Court had ordered the airline’s senior leadership to comply with the payment requirements, setting a serious precedent for the airline to resolve its financial disputes.
(With inputs from syndicated feed)
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