New Delhi, March 5 : SpiceJet has settled a dispute of about 11.2 million US dollars with the Cross Ocean Partners, the lessor behind the Special Purpose Vehicle (SPV) known as VS MSN 36118 CAY Designated Activity Company leased in 2018.

Last year in June, after a judgement was obtained against SpiceJet in the U.K. High Court, the lessor moved to Delhi High Court and filed a case on November 21.

'The parties made the settlement announcement before the Delhi High Court in the ongoing execution petition being pursued by Cross Ocean Partners,' said the SpiceJet spokesperson.

'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,' said the spokesperson.

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 our commitment to effectively settle with our partners and strengthen our operational capabilities. We remain focused on sustaining the positive momentum and creating long-term value for our stakeholders,' said Singh.

During proceedings in the U.K. High Court, the lawyer for Cross Ocean Partners had informed the court that SpiceJet had been intermittently failing to fulfil its monthly lease payments for a B737-700 since late 2020.

"The aircraft in question is registered as VT-SLP (msn 36118) and remains in operation with the carrier, which the lessor seeks to halt. Cross Ocean also seeks access to the Boeing twinjet for inspection purposes," the lawyer had said.

/IANS