SpiceJet flies 2% higher on weighing settlement option with aircraft lessor

The NCLT has adjourned the Spicejet case to November 7, owing to the talks but sources close to the development say that the parties have reached a settlement.

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Shares of SpiceJet opened 1.3 percent higher on the NSE, a day after the aviation company and aircraft lessor Celestial Aviation informed the National Company Law Tribunal (NCLT) that they were exploring the possibility of a settlement.

As of 9:40am, the stock was trading at Rs 36.50, almost 2 percent higher than the close on October 10.

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According to a Moneycontrol report about the possible settlement, the NCLT has adjourned the SpiceJet case to November 7, owing to the talks but sources close to the development say that the parties have reached a settlement.

Celestial Aviation is the fifth lessor to move an insolvency plea against SpiceJet. Other lessors like Willis Lease Finance, Aircastle and Wilmington have their pleas pending with the NCLT.

Also read: SpiceJet, Celestial Aviation exploring possibility of settlement, lawyers tells NCLT

Over the last one year, the stock of SpiceJet has declined 8 percent from Rs 39 in October 2022 and over 49 percent over the last five years from Rs 72 in 2018.

The government had earlier this month hiked the price of jet fuel or ATF by 5 percent. While Indigo has introduced a fuel surcharge on domestic and international routes, CNBC-TV18 had reported that SpiceJet was also likely to follow suit.

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