Representatives from both SpiceJet and ELFC are set to formalise the agreement, effectively ending all legal proceedings between the two

Spicejet's settlement with Engine Lease Finance Corporation comes amid the airline's wider initiatives to streamline operations for future growth

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

The settlement follows SpiceJet’s successful Rs 3,000 crore fundraise through a Qualified Institutional Placement (QIP).

SpiceJet has resolved its dispute with Engine Lease Finance Corporation (ELFC) through a settlement. ELFC had initially claimed $16.7 million, but agreed to settle for an undisclosed, lower amount. This agreement allows SpiceJet to withdraw all ongoing litigation and focus on future growth,

Ajay Singh, Chairman and Managing Director of SpiceJet, said, the mutually beneficial settlement with ELFC not only resolves past issues but also strengthens its position as it embarks on the next phase of growth and expansion.