Court Rejects SpiceJet Urgent Plea Over Engine Order

The Delhi High Court has refused to grant an urgent listing of SpiceJet's plea challenging a court order to ground three aircraft engines by August 16, 2024, and return them to the lessors within 15 days due to unpaid lease rental dues. SpiceJet argued the urgency citing potential flight cancellations and passenger inconvenience, but the court scheduled the hearing for August 20. The lessors, Team France 01 SAS and Sunbird France 02 SAS, had demanded the return of the engines and inspection rights due to SpiceJet's financial instability and failure to clear dues, rejecting SpiceJet's offer to pledge shares as collateral. Despite plans to raise ₹3,000 crore through a Qualified Institutional Placement (QIP) to address financial strains, the lessors remained unconvinced. The airline's financial troubles are compounded by a 27% decline in Q1 profit and ongoing legal battles over unpaid dues. SpiceJet's operational fleet has significantly reduced, and it remains focused on expanding its network and modernizing its aircraft.