SpiceJet Resolves Dispute with ELFC Through Amicable Settlement

SpiceJet successfully resolved its dispute with Engine Lease Finance Corporation (ELFC) via an amicable settlement. ELFC's initial claim of USD 16.7 million was settled for an undisclosed, lower amount. The settlement will lead to withdrawal of all litigation and strengthens SpiceJet's position for future growth. Recently, SpiceJet also raised Rs 3,000 crore through a Qualified Institutional Placement (QIP), reflecting strong investor confidence.

Domestic carrier SpiceJet on Tuesday announced it has successfully resolved a dispute with Engine Lease Finance Corporation (ELFC) through an amicable settlement.

Previously, ELFC had claimed USD 16.7 million. However, both parties have now agreed to a lower, undisclosed amount, according to a statement from the Gurugram-based airline.

While the exact settlement figure remains confidential, representatives from both sides will finalize the agreement, effectively withdrawing all ongoing legal battles and putting an end to their disputes.

Commenting on the deal, SpiceJet Chairman and Managing Director Ajay Singh emphasized, "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."

In a related development, SpiceJet disclosed that it recently raised Rs 3,000 crore through a Qualified Institutional Placement (QIP). The offering, conducted between September 16 and September 18, was oversubscribed, showcasing strong investor confidence in the airline's future growth.

(With inputs from agencies.)