As part of the agreement, Willis Lease has withdrawn its insolvency case against SpiceJet, closing yet another chapter in the airline’s ongoing efforts to strengthen its financial foundation.

This settlement follows a series of strategic agreements SpiceJet has secured in recent months, supported by an Rs 3,000 crore infusion through a qualified institutional placement (QIP) in September 2024 and an additional Rs 294.09 crore infusion by promoter Ajay Singh.

These funds have significantly strengthened SpiceJet’s financial position, facilitated the resolution of outstanding disputes, and allowed the airline to focus on operational growth.

Ajay Singh, chairman and managing director, SpiceJet, said: “This successful settlement with Willis Lease reflects the positive impact of our financial restructuring strategy.

We deeply appreciate the continued support of our partners and stakeholders as we work towards building a stronger and more resilient SpiceJet.”

SpiceJet is a low-budget air carrier. The airline operates a fleet of Boeing 737s, Q-400s, & freighters and is the country's largest regional player operating multiple daily flights under UDAN, or the Regional Connectivity Scheme. The majority of the airline's fleet offers SpiceMax, the most spacious economy class seating in India.

The company reported a standalone net profit of Rs 24.96 crore in Q3 FY25 as compared with a net loss of Rs 301.45 crore in Q3 FY24. Revenue from operations fell 35.33% to Rs 1231.06 crore in Q3 FY25 as compared with Rs 1,903.57 crore in Q3 FY24.