PUNE: SpiceJet on Tuesday claimed that it had efficiently resolved its dispute with Engine Lease Finance Corporation (ELFC) by means of an amicable settlement. ELFC, which had beforehand claimed $16.7 million, has agreed to accept an undisclosed quantity, which is decrease than the preliminary declare.
The representatives of each events will now formalise the settlement settlement, with a view to withdrawing all ongoing litigation and ending disputes between them.This settlement marks a major step in SpiceJet’s ongoing efforts to streamline its operations and deal with future development.
SpiceJet has raised Rs. 3000 crore by means of its not too long ago concluded Qualified Institutional Placement (QIP), which buyers considerably oversubscribed. The QIP attracted a various pool of top-tier institutional buyers and mutual funds, reaffirming the market’s perception in SpiceJet’s capacity to navigate business challenges and capitalise on the rising demand within the aviation sector, airline officers stated.
Ajay Singh, chairman and managing director of SpiceJet
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stated, “We are pleased to have reached a mutually beneficial settlement with ELFC, which enables us to move forward with a clean slate. This agreement not only resolves past issues but also strengthens our position as we embark on the next phase of growth and expansion.”
SpiceJet’s profitable QIP has considerably boosted the airline’s monetary standing. The funds raised are earmarked for quite a lot of strategic initiatives, together with settling previous liabilities, operational growth, and enhancing the airline’s fleet and companies. With the QIP in place and key disputes resolved, SpiceJet is well-positioned for strong future development.
