SpiceJet: Domestic carrier SpiceJet on Tuesday said it had successfully resolved its dispute with Engine Lease Finance Corporation through an amicable settlement. ELFC, which had earlier demanded US$16.7 million, has agreed to settle for an undisclosed amount, which is less than the initial demand, the Gurugram-based airline said in a statement.

However, the airline did not disclose the final amount ELFC has settled for under the deal. SpiceJet said representatives of both parties will now formalize the settlement agreement, which is intended to withdraw all ongoing litigation and end the dispute between them.

We have reached a mutually beneficial settlement with ELFC, which allows us to proceed with a clean slate, said Ajay Singh, chairman and managing director of SpiceJet.

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"We 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," said Ajay Singh, Chairman and Managing Director of SpiceJet.

On Monday, SpiceJet said it had raised Rs 3,000 crore through a qualified institutional placement (QIP).

Earlier, the QIP, which was owned on September 16, got an overwhelming response from qualified investors and was oversubscribed, demonstrating strong investor confidence in the company’s growth prospects.

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