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Delhi HC orders SpiceJet to pay USD4 million to engine lessors by Feb 15

The Delhi High Court directed SpiceJet to pay USD 4 million to engine lessors Team France 01 SA and Sunbird France 02 SAS by February 15. SpiceJet, seeking more time, offered an initial $1 million. The airline owes nearly $11 million, and the lessors, dissatisfied with offered settlement terms, plan to pursue litigation. Despite SpiceJet fulfilling a previous court order to pay $450,000 by January 3, lessors demand further payment to clear outstanding amounts. Lessors claim SpiceJet hasn’t paid $12.9 million in over two years and is using engines post-lease termination. The next court hearing is scheduled for February 22, 2024. Currently, insolvency applications against SpiceJet are being heard by the National Company Law Tribunal. In the Supreme Court, SpiceJet is in a legal battle with Credit Suisse over unpaid dues. The NCLT dismissed an insolvency plea by Wilmington Trust SP Services against SpiceJet, citing invoice issues. SpiceJet has recently received Rs 744 crore as the first tranche of funds through securities allotment. The airline maintains ongoing discussions with Team to resolve the matter and is confident of a resolution.

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