SpiceJet to resolve disputes with Genesis

By Staff Report December 20, 2024 11:51 am IST

Genesis will acquire a $4 million stake in SpiceJet as part of a $16 million dispute settlement, with SpiceJet paying $6 million to Genesis. The airline has agreed to withdraw all ongoing litigations and disputes related to the matter.

Genesis will acquire a stake worth $4 million in the SpiceJet aircraft airline as part of the settlement of a $16 million dispute, and the airline will also pay $6 million to Genesis. SpiceJet, which raised a ₹ 3,000 crore budget, has been settling various disputes with lessors and other entities.

SpiceJet and both parties have agreed to withdraw all ongoing litigations and disputes related to the matter, subject to satisfying the settlement terms. SpiceJet airline has reached a settlement with Genesis to resolve their over $16 million dispute.

Carlyle Aviation has agreed to convert $30 million of lease arrears into SpiceJet equity at a price of ₹ 100 per share in September.