GURUGRAM : SpiceJet announced today that it has reached settlement terms with aircraft leasing firm Cross Ocean Partners, effectively resolving a dispute of approximately $11.2 million (INR 93 Crore). This joint announcement was made before the Delhi High Court during the ongoing execution petition pursued by Cross Ocean Partners. The settlement is anticipated to generate significant savings for SpiceJet while also putting an end to the dispute. Additionally, as part of the agreement, the airline will benefit from the transfer of an airframe and engine at no extra cost, thereby enhancing its operational capabilities.
By opting for amicable negotiations to resolve this dispute, SpiceJet and Cross Ocean Partners have demonstrated their commitment to finding mutually beneficial solutions and avoiding protracted litigation.
Ajay Singh, Chairman and Managing Director of SpiceJet, expressed, “We are pleased to have reached a mutually acceptable resolution with Cross Ocean Partners, which will result in significant cost savings for SpiceJet and also cease prolonged expensive litigation. This settlement reinforces our commitment to effectively settle with our partners and strengthen our operational capabilities. We remain focused on sustaining the positive momentum and creating long-term value for our stakeholders.”
In addition to this settlement, SpiceJet recently concluded a similar agreement with Celestial Aviation, a subsidiary of AerCap, one of the largest aircraft lessor groups. The settlement, valued at $29.9 million (INR 250 Crore), further underscores SpiceJet’s dedication to resolving disputes and strengthening its financial position.