SpiceJet’s Financial Struggles: Boeing 737-800 Seized in Dubai

According to recent reports from The Hindu, a popular Indian news outlet, a SpiceJet Boeing 737-800 aircraft was seized by creditors in Dubai, UAE. The incident took place on November 30, 2023, during the aircraft's commercial flight, SG15, from Ahmedabad to Dubai International Airport, when it was diverted to Al Maktoum Airport. The aircraft is owned by Carlyle Aviation Partners, which leased it to SpiceJet in 2018 and became a shareholder in the company last year.


The latest action was taken by Dubai's authorities at the request of the engine lessor, who had obtained a court order to ground the plane and remove its engines. This move was made due to SpiceJet's inability to pay its debts. The B737-800 remained at DWC for a week until December 7, 2023, when a subsequent ruling by the Dubai International Financial Centre (DIFC) Court allowed the aircraft to be released and returned to India.


It is worth noting that this incident is not an isolated case related to SpiceJet's financial troubles. The airline has been facing multiple legal battles with numerous creditors over the past few years. Earlier in 2022, the airline faced a legal battle with a Credit Suisse subsidiary over unpaid fees, which threatened its future. However, both parties eventually reached an agreement. 


Nevertheless, SpiceJet continues to struggle to fend off its creditors while trying to maintain its fleet in the air. The Court has also ordered the party seeking the injunction to cover SpiceJet's legal fees and any financial damage resulting from the grounding.

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