Here we are sharing a piece of big news with you that Engine Lease Finance BV, the engine leasor firm for funding airline SpiceJet, on Monday announced to the Delhi High Court that it has been postponing its lawsuit against the airline to February due to an interim agreement between the two. Since the news came on the internet it went viral on social media platforms and uncounted reactions started hitting the headlines as many people were stunned. Now many people are super curious to know about the whole information about the news. We have more information about the news and will share it with you in this article.
Now the case improvement will depend on SpiceJet’s capacity to yield within the given schedule for the return of engines. According to the agreement, Spice Jet is going to pay more than $2 million to Engine Lease Finance by January and will come back to the leased motor by 25 January. Notably, Engine Lease Finance has been not under any responsibility to revoke the terminated lease with the airline. If Spice Jet fails to observe this agreement, it will retain the chance to seek the court’s intervention. Scroll down to the next page for more information about the news.
SpiceJet stated in a statement “SpiceJet and Engine Lease Finance Corp Aviation Services Ltd have mutually determined to settle the dispute through peaceful means, outside of the courtroom,”. Earlier, the HC appointed a deadline of 16 October 2023, Monday for SpiceJet and Indicated that it may prevent the airline from using the leased engine if no settlement had been reached. The engine lessor argued during the proceedings that SpiecJet should be restrained from using the engines because the firm gave SpiceJet good time to address its cost issues before creating a decision to terminate its lease. You are on the right page for more information about the news, so please read the complete article.
As far as we know, SpiceJet requested more time for a compromise, citing that the engines were in use. SpiceJet encounters several legal challengers before the courts. Recently, the airline declared to the National Company Law Tribunal that it has been in the advanced stages of settlement and aircraft lessor Celestial Aviation Services has four lessors to have filed cases against SpiceJet before NCLT over pending dues. Here we have shared all the information which we had. Stay tuned to us for more updates.