SpiceJet settles legal dispute with aircraft lessor; stock climbs ~2%

16 Aug 2022 , 09:38 AM

SpiceJet Limited announced that it has entered into a settlement agreement with aircraft lessor Goshawk Aviation Limited and its affiliated leasing entities namely Wilmington Trust SP Services (Dublin) Limited, Sabarmati Aviation Leasing Limited, and Falgu Aviation Leasing Limited.

The settlement is related to two Boeing 737 MAX aircraft and one Boeing 737-800 NG aircraft.

Both the parties have agreed to settle all their disputes under and related to the aircraft lease agreements for 3 aircraft.

The agreement, the terms of which are confidential, puts an end to all litigation between the parties.

Hence, all proceedings, including those before the UK Court and the Delhi High Court, will be withdrawn accordingly.

In this regard, the company stated that now it could be able to enter into service of 2 more fuel-efficient Boeing 737 MAX aircraft into its fleet.

At around 9.44 AM, SpiceJet was trading at Rs46.70 up by Rs0.85 or 1.85% from its previous closing of Rs45.85 on the BSE. The scrip opened at Rs46.70 and touched intraday high and low of Rs47.75 and Rs46.60 respectively.