SpiceJet Resolves $23.39 Million Dispute with Aircraft Lessors

SpiceJet has settled a $23.39 million dispute with lessors Aircastle and Wilmington Trust, agreeing to a $5 million payment. All ongoing litigation and disputes will be withdrawn. This follows recent settlements with BBAM and Engine Lease Finance Corporation as part of SpiceJet's financial strengthening efforts.

SpiceJet, a budget airline, has announced the successful resolution of a $23.39 million dispute with two aircraft lessors, Aircastle and Wilmington Trust. This comes just days after settling a similar issue with the US-based BBAM aircraft leasing firm.

The agreement reached entails a $5 million settlement and arrangements regarding certain aircraft engines. All ongoing litigation and disputes between the involved parties will be retracted from appropriate legal forums, according to the airline's statement.

SpiceJet Chairman and Managing Director Ajay Singh expressed satisfaction over the settlement, highlighting the airline's efforts to enhance its financial standing. This recent settlement follows other financial resolutions, including one earlier with Engine Lease Finance Corporation.

(With inputs from agencies.)