SpiceJet and Celestial Aviation, a subsidiary of AerCap, one of the largest aircraft lessor groups, have mutually settled their $29.9 million (Rs 250 crore) dispute through amicable negotiations, avoiding litigation.

The representatives of both Parties informed a bench of NCLT last week that settlement terms had been reached and requested an adjournment. The Court graciously granted the adjournment. The matter is now scheduled to be formally withdrawn on 1 March 2024.

SpiceJet recently secured investments totaling Rs 1060 crore through a preferential issue, with notable investors including Aries Opportunities Fund and Elara India Opportunities Fund. Part of these funds will be allocated towards settling past liabilities.