The shares of cash-strapped airline SpiceJet rallied in Friday's trading session after a UK court ordered the airline to cough up $8 million or nearly Rs 70 crore to an engine lessor.
In early trade today, SpiceJet shares rose as much as 5% to hit an intra-day high of Rs 12.27 per share.
Earlier, London's commercial court ordered granted summary judgment in favour of Sunbird France 02 SAS after noting unpaid rents and maintenance accruals, coupled with no viable defence.
The dispute relates to unpaid rent dating back to January 2022 and maintenance accruals from as early as November 2020.
The ruling comes as SpiceJet remains under financial strain following the Boeing 737 MAX grounding and COVID-19 pandemic, and losing market share to rivals such as Akasa Air.
The unpaid rent dates from January 2022, while maintenance accruals date back to November 2020. The lessor issued default notices in July 2022 and repossessed all three engines between late 2022 and mid-2023.
10/04/2026 Nitin Waghela/Republic World
To Read the News in full at Source, Click the Headline
0 Post a Comment:
Post a Comment