SpiceJet settles nearly ₹100 crore dispute with lessor Cross Ocean Partners

It added that the settlement is expected to result in significant savings for SpiceJet and also put an end to the dispute. “As part of the arrangement, the airline will also benefit from transfer of airframe and an engine at no additional cost, augmenting its operational capabilities.”

Ajay Singh, Chairman and Managing Director, SpiceJet, said, “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."

Last week, SpiceJet had informed the National Company Law Tribunal (NCLT) that the payment dispute with lessor Celestial Aviation had been settled. The lessor had claimed unpaid dues of $30 million.

The airline submitted in the NCLT that funds were being transferred to Celestial as per settlement negotiation and that the lessor will withdraw proceedings shortly. Both the firms had in October 2023 mutually agreed for the settlement outside the courtroom through amicable means.

Celestial Aviation Services was the fifth lessor to have sought insolvency proceedings against SpiceJet.

Following the latest development, SpiceJet shares were trading almost 3% higher at ₹64.42 on BSE at 12:47 pm.