UK Court Orders SpiceJet to Pay $8 Million to Engine Lessor Amid Financial Struggles
UK court orders SpiceJet to pay $8 million to engine lessor over unpaid dues
The Economic Times
Image: The Economic Times
A UK court has mandated India's SpiceJet to pay approximately $8 million to Sunbird France 02 SAS for unpaid rent and maintenance fees related to three aircraft engines. This ruling highlights the airline's ongoing financial difficulties, exacerbated by the grounding of Boeing 737 MAX and competition from rivals like Akasa Air.
- 01SpiceJet is ordered to pay $8 million to Sunbird France 02 SAS.
- 02The unpaid dues include rent from January 2022 and maintenance fees from November 2020.
- 03SpiceJet has faced financial challenges due to the Boeing 737 MAX grounding and COVID-19.
- 04The airline has lost market share to competitors, notably Akasa Air.
- 05SpiceJet's financial health is under scrutiny, with auditors expressing concerns about its viability.
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The Commercial Court in London has ordered India's SpiceJet to pay $8 million to Sunbird France 02 SAS for unpaid rent and maintenance charges concerning three aircraft engines. The ruling, delivered on Wednesday, comes amid ongoing financial troubles for SpiceJet, which has struggled since the Boeing 737 MAX grounding and the impacts of the COVID-19 pandemic. The unpaid rent dates back to January 2022, while maintenance fees have accrued since November 2020. Sunbird had issued default notices in July 2022 and repossessed the engines between late 2022 and mid-2023. Despite hiring British solicitors, SpiceJet failed to file a defense against the lessor's claims. The airline's auditors have raised alarms about its ability to continue operations due to increasing losses and a significant gap between its liabilities and assets.
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This ruling may further strain SpiceJet's financial resources, potentially affecting its operations and employment levels as it struggles to meet financial obligations.
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