The Indian low-cost carrier SpiceJet has struck a settlement with Engine Lease Finance Corporation to resolve a $16.7 million dispute between the two parties.

SpiceJet has settled its $16.7 million dispute with Engine Lease Finance Corporation for an undisclosed lower amount. The airline raised Rs. 3000 crore through a highly successful Qualified Institutional Placement,

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.

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

SpiceJet has resolved its dispute with Engine Lease Finance Corporation by reaching a financial settlement. This comes after the airline raised ₹3,000 crore through a Qualified Institutional Placement.

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

ELFC, which had previously claimed $16.7 million, has agreed to settle for an undisclosed amount, which is lower than the initial claim, SpiceJet said.

The representatives of both parties will now formalise the settlement agreement, with a view to withdrawing all ongoing litigation and ending disputes between them.

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