Chennai: SpiceJet Ltd today said that the five leasing companies, which have filed a winding-up petition against the airline at Madras High Court, have decided to suspend the court proceedings, as both parties have started discussions to settle the issue. The lessors had filed a winding-up petition stating that the airline need to owe Rs 80 crore to them.
In an announcement to BSE today, SpiceJet Ltd said that it has entered into an in-principle understanding with its five lessors managed by BBAM Aircraft Leasing and Finance with regard to five aircraft operated by the company.
“Under the said understanding, the lessors have agreed to suspend court proceedings (including winding-up proceedings) and deregistration process of aircraft subject to SpiceJet satisfying the terms of settlement and parties executing definitive agreements. It may be noted, the lessors have filed up a winding up petition at Madras High Court against the airline.”
It may be noted on March 27, the Madras High Court has issued a notice to SpiceJet on winding-up petitions filed by five leasing companies, including B&B Air Acquisitions Leasing, Steddel, Torodell, Xavier Dell and Virgodell. The companies have said their agreement with the airline has been terminated in December, followed by the statutory notice in January. Yet, the airline hadn’t replied.
In an earlier statement, the airline said there was only one lessor, BBAM, with five aircraft, each leased through a separate Special Purpose Vehicle.
In January, the then promoter of SpiceJet, Kalanithi Maran, announced a plan to sell all shares to Ajay Singh, the earlier promoter. Singh had to infuse Rs 1,500 crore into the airline in three tranches and the ownership would be transferred to him, through the handing over of the 58% stake of Maran and his company, Kal Airways. The transfer was reportedly completed last month.
