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Delhi HC demands personal guarantees from SpiceJet directors over unpaid engine dues

Livemint

Livemint · 1y ago

Delhi HC demands personal guarantees from SpiceJet directors over unpaid engine dues

The Delhi High Court has criticized SpiceJet, a budget carrier, for not paying rental dues to its French engine lessors, Team France 01 SAS and Sunbird France 02 SAS, for three leased engines. The court has demanded personal guarantees from SpiceJet's directors if the airline cannot fulfill its financial obligations. The court has given SpiceJet until Monday to confirm whether the directors are willing to assume personal liability for the dues. SpiceJet plans to raise funds through a qualified institutional placement to address its financial stress, but the lessors are unwilling to continue settlement talks and wish to reclaim their assets.

Related News

You can’t use property without paying rent: Delhi HC rebukes SpiceJet, Ajay Singh | Mint

Livemint

Livemint · 1y ago

You can’t use property without paying rent: Delhi HC rebukes SpiceJet, Ajay Singh | Mint

The Delhi High Court has criticized SpiceJet for operating leased engines without paying rental dues, highlighting the airline's poor financial state. The court expressed doubt over the assurances made by SpiceJet's chairman and managing director, Ajay Singh, and questioned the airline's ability to fulfill its commitments. SpiceJet's legal troubles have been mounting, with previous court orders demanding personal guarantees from its directors. The airline is seeking to raise funds through a qualified institutional placement but has faced challenges in negotiations with lessors. SpiceJet's financial situation remains precarious, with declining profits and mounting liabilities.

Delhi High Court orders SpiceJet to return two leased planes to TWC Aviation

Livemint

Livemint · 1y ago

Delhi High Court orders SpiceJet to return two leased planes to TWC Aviation

The Delhi High Court has ordered SpiceJet to return two leased Boeing aircraft and their engines to TWC Aviation Capital Ltd by 31 May due to unpaid dues. The court found that SpiceJet had damaged TWC's assets by separating the engines from the planes and using them in other aircraft. SpiceJet currently owes $14 million to TWC. The airline is facing multiple lawsuits from lessors over unpaid dues.

Delhi HC issues contempt notice to Spicejet for non-return of assets to TWC Aviation | Mint

Livemint

Livemint · 1y ago

Delhi HC issues contempt notice to Spicejet for non-return of assets to TWC Aviation | Mint

SpiceJet, a troubled budget airline in India, has been issued a contempt notice by the Delhi high court for failing to settle dues with its lessors. The court has given SpiceJet until July 8 to return all leased assets, including airframes and engines, to TWC Aviation Capital Ltd. Failure to comply may lead to the grounding of the engines. SpiceJet has been involved in multiple legal battles over unpaid dues, facing contempt notices from various institutions. The airline has previously faced actions for non-payment of debts and for not honoring arbitral awards.

Delhi HC orders SpiceJet to ground three engines by 16 August | Mint

Livemint

Livemint · 1y ago

Delhi HC orders SpiceJet to ground three engines by 16 August | Mint

The Delhi High Court has ordered budget airline SpiceJet to ground three engines it leased from French lessors due to default on rental lease payments. The court directed the airline to return the engines to the lessors within 15 days and make arrangements for inspection. The lessors rejected SpiceJet chairman Ajay Singh's offer to pledge his shares as collateral for the outstanding liabilities. The airline has faced multiple legal battles over unpaid dues and has announced plans to raise funds to alleviate its financial strain.

SpiceJet ready to return leased engine to Brussels

Livemint

Livemint · 1y ago

SpiceJet ready to return leased engine to Brussels

Low-cost airline SpiceJet has informed the Delhi High Court that it is willing to return a leased engine to its lessor, Engine Lease Finance BV, in Brussels at its own expense. Settlement talks between the two parties have failed, and the court has requested the nomination of a third-party agency to inspect the engine's condition before it is flown back to Brussels. SpiceJet is facing legal battles over unpaid dues and has recently announced layoffs and plans to reduce its fleet as part of cost-cutting measures.

Delhi HC begins contempt case against SpiceJet for not returning TWC’s assets | Mint

Livemint

Livemint · 1y ago

Delhi HC begins contempt case against SpiceJet for not returning TWC’s assets | Mint

The Delhi High Court has ordered the registration of a contempt case against SpiceJet's directors for failing to comply with an order to return leased assets to lessor TWC Aviation Capital Ltd. The court issued a show cause notice to the airline's directors, asking why contempt proceedings should not be initiated. SpiceJet had partially complied with the order, returning two airframes and two engines, but the court emphasized that full compliance was necessary within nine days. TWC Aviation claims rental dues of around $16 million from the airline.

SpiceJet settles with Raymach Technologies, vendor to withdraw insolvency case

Livemint

Livemint · 1y ago

SpiceJet settles with Raymach Technologies, vendor to withdraw insolvency case

Budget airline SpiceJet has reached a settlement with vendor Raymach Technologies over pending dues. Raymach had filed an insolvency petition against SpiceJet for a default of ₹2.7 crore ($363,324) in November 2023. However, SpiceJet denied having availed of its services. Raymach presented email exchanges between the two companies that showed SpiceJet acknowledging the services. The National Company Law Tribunal has granted Raymach time to withdraw the insolvency case, adjourning the matter until August. SpiceJet has faced multiple insolvency pleas over unpaid dues from other parties.

Supreme Court dismisses SpiceJet’s appeal, upholds grounding of leased engines | Mint

Livemint

Livemint · 11m ago

Supreme Court dismisses SpiceJet’s appeal, upholds grounding of leased engines | Mint

The Supreme Court upheld a Delhi High Court order for SpiceJet to ground three engines leased from Team France 01 SAS and Sunbird France 02 SAS due to unpaid dues. The court refused SpiceJet's request for more time to comply, increasing the burden on the cash-strapped airline. The grounding will disrupt operations, but SpiceJet is in discussions with the lessors to reach a settlement. SpiceJet plans to raise INR 3,000 crore through a qualified institutional placement to settle its dues. The airline's financial situation remains dire, with liabilities amounting to INR 11,252 crore.

Delhi HC orders SpiceJet to return leased engine to Brussels by 10 March

Livemint

Livemint · 1y ago

Delhi HC orders SpiceJet to return leased engine to Brussels by 10 March

The Delhi high court has instructed SpiceJet to return a leased engine to Engine Lease Finance BV by 10 March. The engine lessor had approached the court to hold SpiceJet responsible for the costs of returning the engine, claiming it is currently unfit for service due to negligence in maintenance. SpiceJet denies the allegations, stating that the condition is a result of normal wear and tear. The court has ordered SpiceJet to adhere to the deadline, with the chairman, Ajay Singh, required to file an affidavit guaranteeing the engine's return by the specified date.

India court warns SpiceJet of 'drastic action' if Credit Suisse dues unpaid

Reuters · 1y ago

India court warns SpiceJet of 'drastic action' if Credit Suisse dues unpaid

SpiceJet, an Indian budget airline, has been ordered by the country's Supreme Court to pay $1.5 million to Credit Suisse by September 15th for unpaid dues. If the airline fails to make the payment, the court warned of unspecified "drastic action" at the next hearing on September 22nd. SpiceJet and Credit Suisse have been embroiled in a legal dispute since 2015 over unpaid dues. The airline recently faced financial challenges, including a separate order to pay $12 million to its former owner.

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