SpiceJet finalises settlement with Engine Lease Finance Corporation to resolve $16.7 mn liabilities
SpiceJet on Tuesday announced that it has resolved its dispute with Engine Lease Finance Corporation (ELFC) through a settlement. ELFC, which had previously claimed $16.7 million, has agreed to settle for an undisclosed amount, which is lower than the initial claim.
The representatives of both parties will now formalise the settlement agreement, with a view to withdrawing all ongoing litigation and ending disputes between them, the airlines company informed the exchanges
This settlement marks a significant step in SpiceJet’s ongoing efforts to streamline its operations and focus on future growth.
“We are pleased to 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.
SpiceJet's shares were trading in the red 1.42 per cent lower at Rs 69.28 apiece on the BSE on Tuesday.
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