In one of its largest settlements yet, SpiceJet has resolved a $131.85-million dispute with lessor Babcock & Brown Aircraft Management.
The parties have agreed to end the dispute, with SpiceJet agreeing to pay $22.5 million. “This landmark settlement allows us to significantly reduce our liabilities and reinforces our efforts to emerge as a more robust airline,” Chairman and Managing Director Ajay Singh said in a statement.
This settlement follows SpiceJet’s successful Qualified Institutional Placement (QIP) which raised ₹3,000 crore last month.
Subsequently, the airline has paid pending salary and provident fund dues and also announced induction of 10 aircraft in the winter season.
- Also read: SpiceJet resolves dispute with Engine Lease Finance Corp through amicable settlement
Seven of these aircraft will be acquired on lease, while three previously grounded planes are being reintroduced into service
