SpiceJet, the private Indian carrier, has successfully resolved a Rs 413 crore dispute with Echelon Ireland Madison One, leading to savings of approximately Rs 398 crore. The resolution includes the acquisition of two airframes as part of the agreement, a move that has prompted a 4.62% increase in SpiceJet shares, trading positively as of 11:10 am.

Ajay Singh, Chairman and Managing Director of SpiceJet, expressed satisfaction with the resolution, citing it as a significant milestone. Singh emphasized the company's commitment to financial prudence and highlighted the added benefit of fortifying the airline's fleet with the acquisition of the mentioned airframes.

This development comes on the heels of SpiceJet settling a dispute of around Rs 93 crore with aircraft leasing firm Cross Ocean Partners on March 5. The settlement involves the transfer of airframe and engine at no additional cost to the airline.

In a previous agreement, SpiceJet also resolved a dispute with AerCap subsidiary Celestial Aviation, amounting to approximately Rs 250 crore.

The successful resolution of these disputes, combined with recent fundraising efforts, has resulted in total savings of Rs 685 crore for SpiceJet, according to the company's press release. These settlements play a crucial role in enhancing SpiceJet's financial stability and reinforcing its balance sheet, marking a significant achievement for the low-cost carrier.