Key Takeaways
- SpiceJet settles $4.5 mln dispute with Shannon Engine Support for $2 million.
- The airline has resolved three other significant financial disputes in recent weeks.
- SpiceJet’s commitment to amicable dispute resolution demonstrates its focus on resolving issues outside the courtroom.
New Delhi: Low-cost carrier SpiceJet on Friday said that it has settled a $4.5 million dispute with Shannon Engine Support Ltd (SES) for an aggregate sum of $2 million.
“Both parties have reached this agreement through amicable negotiations, choosing to resolve the matter outside the courtroom. As part of the settlement, all ongoing litigations and disputes between the parties will be withdrawn at the appropriate forums,” the airline said in a statement.
SpiceJet has recently settled three other significant financial disputes, demonstrating its commitment to resolving issues amicably. On October 15, the airline had announced it had settled a $23.39 million dispute with Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Limited for an aggregate sum of $5 million.
The airline had also resolved a $131.85 million dispute with lessors Horizon Aviation 1 Ltd., Horizon II Aviation 3 Ltd., and Horizon III Aviation 2 Ltd. (under the management of Babcock & Brown Aircraft Management) for $22.5 million. Prior to that, on September 24, the company had settled a dispute with Engine Lease Finance Corporation (ELFC), which initially claimed $16.7 million, for a lower amount
