As per the company's press statement, this settlement agreement would pave the way for the induction of efficient and younger MAX aircraft into Spicejet's fleet and ensure the resumption of new aircraft deliveries from an order of 155 MAX aircraft.

Recently, the company also announced that it has finalised terms of settlements with Avolon and CDB Aviation, two of its major lessors of 737 MAX aircraft. The settlements and operations of 737 MAX aircraft would result in significant savings for the airline. The airline expects to start flying its MAX aircraft soon once all regulatory approvals have been received.

The low-cost airliner reported a net loss of Rs 570.56 crore in Q2 FY22, higher than the net loss of Rs 105.61 crore posted in Q2 FY21. Net sales increased by 26.4% to Rs 1,304.52 crore in Q2 FY22 from Rs 1,031.66 crore posted in Q2 FY21.

Shares of Spicejet declined 2.05% to Rs 76.50 on BSE. SpiceJet is a domestic low-budget air carrier which provides scheduled flights between major cities in India.