SpiceJet (SG, Delhi International) has quietly settled two more debt-related lawsuits, with ch-aviation research revealing that the low-cost carrier has settled disputes with Cross Ocean Partners special purpose vehicle VS MSN 36118 Designated Activity Company (DAC) and Horizon Aircraft Finance SPV Horizon Aviation 1 Limited.

High Court of Delhi filings show that on October 29, 2024, the court heard Horizon Aircraft Finance had received full payment from SpiceJet, ending the matter of Horizon Aviation 1 Limited & Ors v. SpiceJet Limited. Earlier, the court heard the parties had come to an "amicable settlement" that resolved the dispute, which had an aggregate value of USD131.85 million. Under the settlement's terms, SpiceJet paid USD22.5 million.

On November 14, the court was told that the parties involved in VS MSN 36118 CAY Designated Activity Company v. SpiceJet Limited had settled the matter and an executed agreement would shortly be placed on the record. Cross Ocean Partners was pursuing the carrier in the high court following a June 2023 award in the UK High Court. They had used the SPV to lease a B737-700 registered as VT-SLP (msn 36118) to SpiceJet. However, the LCC began defaulting on monthly lease payments in 2020 and the SPV subsequently sued for damages.

SpiceJet Managing Director Ajay Singh said efforts to strengthen the brand and improve performance this year had yielded positive results. In a bullish message to shareholders in the FY 2023-24 Annual Report released on December 7, he said a INR30 billion rupee (USD354 million) capital raising in September and INR7.36 billion (USD86.7 million) expected from a previous funding round had significantly strengthened the airline's financial position.

"We defied sceptics in 2015, and once again we have proven them wrong," wrote Singh. "With renewed enthusiasm and fresh capital, we are fully committed to restructuring our balance sheet and clearing all outstanding dues. We have already cleared all pending GST [goods and services] and TDS [income tax deducted at source] dues, and we remain focused on finalising several key settlements in the near future."

"A significant portion of the raised capital will be dedicated to ungrounding our fleet and expanding our aircraft count," he added. "We have earmarked INR8 billion [USD94.5 million] for the ungrounding and upgrade of our fleet, and I am confident that by 2026, SpiceJet will be operating with a fleet of 100 aircraft."

In addition to the latest deals, SpiceJet has in recent months settled with Aircastle, Export Development Canada, Engine Lease Finance Corporation, three BBAM special purpose vehicles, Wilmington Trust SP Services (Dublin), Shannon Engine Support Limited, and Raymach Technologies.