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SpiceJet & Cross Ocean Partners settle Rs 93 crore dispute

SpiceJet & Cross Ocean Partners settle Rs 93 crore dispute

| @indiablooms | 06 Mar 2024, 12:52 am

New Delhi: Private airline SpiceJet on Tuesday said that it has reached settlement terms with aircraft leasing firm, Cross Ocean Partners, resolving a dispute of about USD 11.2 million (Rs 93 Crore).

Both parties made this joint announcement before the Delhi High Court in the ongoing execution petition being pursued by Cross Ocean Partners, SpiceJet said in a release.

The settlement is expected to result in significant savings for SpiceJet and also put an end to the dispute. As part of the arrangement, the airline will also benefit from the transfer of an airframe and an engine at no additional cost, augmenting its operational capabilities.

By resolving this dispute through amicable negotiations, SpiceJet and Cross Ocean Partners have demonstrated their commitment to finding mutually beneficial solutions and avoiding prolonged litigation.

Commenting on the development, Ajay Singh, Chairman and Managing Director, SpiceJet, said, “We are pleased to have reached a mutually acceptable resolution with Cross Ocean Partners, which will result in significant cost savings for SpiceJet and also cease prolonged expensive litigation.”

This settlement reinforces SpiceJet’s commitment to effectively settle with its partners and strengthen operational capabilities.

“We remain focused on sustaining the positive momentum and creating long-term value for our stakeholders,” he added.

In addition to this settlement, SpiceJet also said that it recently concluded a similar agreement with Celestial Aviation, a subsidiary of AerCap, one of the largest aircraft lessor groups.

The settlement, valued at USD 29.9 million (Rs 250 Crore), further underscores SpiceJet's dedication to resolving disputes and strengthening its financial position.

(With UNI inputs)

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