Aircraft lessor Aircastle withdraws insolvency case against airline: SpiceJet

New Delhi: SpiceJet on Thursday said aircraft lessor Aircastle has withdrawn the insolvency case against the airline following a "mutually agreed upon settlement".

Last month, SpiceJet announced the resolution of a USD 23.39 million dispute with Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Ltd.

"Aircastle (Ireland) Designated Activity Company has withdrawn its insolvency case against SpiceJet before the National Company Law Tribunal (NCLT). This follows a mutually agreed-upon settlement, marking a positive turn in the airline's efforts to rebuild and strengthen ties with its partners," the airline said in a statement.

The settlement was reached for an aggregate sum of USD 5 million, alongside an agreement on the treatment of certain aircraft engines, it added.