SpiceJet’s offer to settle unpaid dues not good enough, lessor tells tribunal

Aircastle, a lessor to Indian budget airline SpiceJet Ltd, told a tribunal on Wednesday that settlement talks with the company over unpaid dues were inconclusive.

The Ireland-based lessor earlier this month sought to initiate bankruptcy proceedings against SpiceJet over non payment of lease rentals and other dues. The airline owes Aircastle around Rs 500 million ($6 million), a lawyer present at the hearing told Reuters.

The company’s settlement offer was not good enough and talks had not reached anywhere, the lessor told the tribunal which will next hear the case on May 25.