SpiceJet resolves dispute with Engine Lease Finance Corp through amicable settlement

Mumbai: Domestic carrier SpiceJet said on Tuesday that it had successfully resolved its dispute with Engine Lease Finance Corporation (ELFC) through an amicable settlement.

ELFC, which had previously claimed USD 16.7 million, has agreed to settle for an undisclosed amount, which is lower than the initial claim, the Gurugram-based airline said in a statement.

The airline, however, did not disclose the final amount that ELFC has settled for under the pact.

The representatives of both parties will now formalise the settlement agreement, with a view to withdrawing all ongoing litigation and ending disputes between them, SpiceJet said.

"We have reached a mutually beneficial settlement with ELFC, which enables us to move forward with a clean slate. This agreement not only resolves past issues but also strengthens our position as we embark on the next phase of growth and expansion," said Ajay Singh, Chairman and Managing Director of SpiceJet.

On Monday, SpiceJet said it has raised Rs 3,000 crore through a Qualified Institutional Placement (QIP).

The QIP, which opened on September 16 and closed on September 18, received an overwhelming response from qualified investors and got oversubscribed, demonstrating strong investor confidence in the company's growth prospects.