New Delhi, Feb 28 : Budget airline SpiceJet and Celestial Aviation, a subsidiary of AerCap, one of the largest aircraft lessor groups have mutually settled their Rs 250 crore dispute through amicable negotiations, the company said on Wednesday.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, "SpiceJet and Celestial Aviation have successfully resolved our Rs 250 crore dispute through mutual agreement."

"This settlement marks a significant step forward for both parties and underscores our commitment to finding amicable solutions to complex challenges. With this resolution, we can now focus on revamping our fleet and driving our business forward. I am grateful for the support of our stakeholders, including our investors, as we navigate through this process," said Singh.

The representatives of both parties informed a bench of NCLT last week that settlement terms had been reached and requested an adjournment.

The Court had granted the adjournment. The matter is now scheduled to be formally withdrawn on March 1.

SpiceJet recently secured investments totaling Rs 1,060 crore through a preferential issue, with notable investors including Aries Opportunities Fund Limited and Elara India Opportunities Fund Limited.

As per airline officials, part of these funds will be allocated towards settling past liabilities.

/IANS