SpiceJet makes part payment of dues to AAI

Budget carrier SpiceJet has made a part payment of its dues to the state-run Airports Authority of India (AAI) and also signed an agreement with aircraft leasing firm BBAM to settle out of court the dispute over Boeing rentals.

"SpiceJet has paid a part payment of Rs 25 crore to the Airports Authority of India towards the dues it had accumulated due to the cash crunch last year," sources told Media here on Wednesday. The AAI received the part payment of around Rs 300 crore dues yesterday, they said.

Meanwhile, the airline said that aircraft leasing firm BBAM has agreed in-principle to settle out of court the dispute over aircraft rentals. "SpiceJet 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," SpiceJet said in a regulatory filing on Wednesday.

Under the understanding, the lessors have agreed to suspend court proceedings, including winding these up, and the de-registration process of aircraft, subject to SpiceJet satisfying the terms of settlement and parties executing definitive agreements, the airline said.