SpiceJet’s Boeing 737-800 MSN 37366 earlier registered as VT-SGU had entered storage in the July of 2014. The aircraft, leased from BBAM, was recently painted in the colors of Pegasus Airlines, and will soon be flown off from Hyderabad Shamshabad to operate for the Turkish airline.

A very significant number of SpiceJet’s Boeing 737s were leased from BBAM, most of which have been returned to the lessor. BBAM, which began as Babcock & Brown Aircraft Management remains the largest lessor for SpiceJet, with five aircraft – VT SGG/SGH/SGV & SGQ – all four Boeing 737-800s, and VT-SPU – a Boeing 737-900.

Recent media reports pointed to BBAM taking SpiceJet to court for the de-registration of the five 737s. The airline issued a statement on 25th March ststing, “Discussions have been ongoing with the lessors for an amicable settlement. SpiceJet fully expects the matter will be resolved shortly and positively with the lessors, and there will be no grounding of aircraft or disruption of operations.”

All five BBAM aircraft are still operating flights for the airline.

SpiceJet today flies an active fleet of 17 Boeing 737s, which includes only one 737-900 leased from BBAM. The other lessors are Air Lease Corporation (ALC), Ansett Worldwide Aviation Services (AWAS), Bank of China Aviation (BOC), Industrial and Commercial Bank of China (ICBC), and Mitsubishi Corporation Aviation Partners (MCAP).

SpiceJet owns all its fifteen Bombardier Q400s.

GE Capital Aviation Services (GECAS), another prominent lessor, had towards the end 2014 pulled out its five Boeing 737s, four of which are parked at Seletar Airport, Singapore- VT-SZE/F/G/H, all of which have been de-registered.

As per the airline’s statement on the 20th of March, 2015, “SpiceJet is also in the process of adding more aircraft to the fleet and expects to add 8-9 Boeings starting in April to take the active Boeing fleet to 25-26 aircraft in the summer, in addition to the 15 Bombardier Q400 aircraft that are owned by SpiceJet. SpiceJet will continue to add more aircraft in the second half of the year to take the Boeing fleet up to 34-35 aircraft by the end of the year.”

It is believed that some of the 737s to come will be wet leased.