SpiceJet’s stock price climbed nearly 3 per cent in early trade on Thursday on the BSE after Aircastle Ireland Designated Activity Company, an aircraft lessor, withdrew its insolvency case against the airline in the NCLT.
This development comes on the heels of a successful settlment of the $23.39-million dispute between them.
SpiceJet agreeed to pay $5 million towards settlement. . This resolution led to the withdrawal of all ongoing legal proceedings between the two parties.
This latest settlement is part of SpiceJet’s broader effort to resolve disputes with various partners, including aircraft lessors. The airline’s recent ₹3,000 crore fundraising through a Qualified Institutional Placement has provided crucial financial support to address these issues and strengthen its operations.
However, the company’s stock closed at ₹62.27, up 1.43 per cent, surrendering part of initial gains due to overall weakness in the market. During the session, it hit an intraday high of ₹63.40 and a low of ₹60.76.