The Delhi High Court has mandated that SpiceJet disclose its assets within two weeks as part of an ongoing legal dispute with Sunbird France 02 SAS. The engine lessor is seeking to recover approximately $8 million in unpaid lease rentals and maintenance fees.
Justice Vikas Mahajan issued the order after Sunbird requested asset disclosure to pursue protective measures, should SpiceJet fail to meet its financial obligations. The case will be revisited following the court's vacation.
Sunbird's legal representatives expressed urgency for protective measures, citing SpiceJet's precarious financial situation. They highlighted that the airline is facing 16 insolvency petitions currently pending before the National Company Law Tribunal (NCLT), raising concerns about potential insolvency proceedings.
In earlier arguments, Sunbird's counsel pointed out that despite the outstanding debts to creditors, SpiceJet had made advance salary payments totaling $3.4 million to its chairman, Ajay Singh, for a five-year period ending in September 2025.
SpiceJet's Defense
SpiceJet contested the request for immediate coercive measures, asserting that it remains a viable business and not a “fly-by-night operator.” Senior counsel Amit Sibal, representing the airline, argued that such actions could disrupt its operations, which include around 135 daily flights, transporting approximately 21,000 passengers and employing 6,400 staff members.
The dispute traces back to a ruling from the Commercial Court in London on March 13 regarding three aircraft engines leased to SpiceJet in 2019. The court found that SpiceJet had ceased lease payments since January 2022, apart from a single payment of $7,088.19 made in May 2024, and had defaulted on maintenance payments since November 2020.
Following these defaults, Sunbird repossessed two engines in December 2022 and the third in July 2023, subsequently seeking recovery of the outstanding amount in the London court. The court ruled in favor of Sunbird after noting that SpiceJet did not contest the proceedings despite being served.
