The dispute, valued in aggregate at $131.85 million (approximately ₹1,107 crore) with aforesaid lessors has been resolved for $22.5 million, the airline said.
“This landmark settlement with BBAM allows us to significantly reduce our liabilities and reinforces our efforts to emerge as a more robust airline. Together with the funds raised through our QIP, we are well-positioned to focus on growth, ungrounding our fleet, and expanding our services,” SpiceJet CMD Ajay Singh said.
This settlement comes on the heels of SpiceJet’s successful resolution of a dispute with Engine Lease Finance Corporation (ELFC) on September 24, which had claimed $16.7 million.
SpiceJet is also set to significantly expand its fleet by the end of November with the induction of ten aircraft.
The airline had earlier completed a Qualified Institutional Placement (QIP) to raise Rs 3,000 Crore, attracting major investors like Goldman Sachs, Morgan Stanley Asia, Tata Mutual Fund, and Discovery Global Opportunity Ltd. With a strengthened financial position and a growing fleet, SpiceJet said it is poised to restore its reputation for efficiency, reliability, and customer satisfaction. The airline aims to provide passengers with improved connectivity, a wider range of travel options, and a seamless flying experience.