SpiceJet has recently informed exchanges that the company had successfully resolved its dispute with Engine Lease Finance Corporation (ELFC) through an amicable settlement. ELFC, which had earlier claimed $16.7 million, has agreed to settle for an undisclosed amount that is less than its initial claim.
Both parties’ representatives will now formalise the settlement agreement in order to drop all ongoing litigation and end disputes between them. This settlement is an important step in SpiceJet’s ongoing attempts to organize operations and focus on its future development.
In the exchange filing, the company also shared, “SpiceJet has successfully raised INR 3000 crore through its recently concluded Qualified Institutional Placement (QIP), which investors significantly oversubscribed. The QIP attracted a diverse pool of top-tier institutional investors and mutual funds, reaffirming the market’s belief in SpiceJet’s ability to navigate industry challenges and capitalise on the growing demand in the aviation sector.”
