Indian budget carrier SpiceJet Ltd. said it reached a settlement with aircraft leasing firm Cross Ocean Partners to resolve a dispute of about $11.2 million.

The parties jointly announced about the settlement before the Delhi High Court in the ongoing execution petition being pursued by Cross Ocean Partners, SpiceJet said in a stock exchange announcement.

SpiceJet Chairman and Managing Director Ajay Singh said the mutually acceptable resolution with Cross Ocean Partners will result in significant cost savings for the company and also cease prolonged expensive litigation.

The company said as part of the arrangement, the airline will also benefit from transfer of airframe and an engine at no additional cost, augmenting its operational capabilities.

“This settlement reinforces our commitment to effectively settle with our partners and strengthen our operational capabilities,” Singh said.

SpiceJet recently also concluded a similar settlement agreement with aircraft lessor Celestial Aviation, a subsidiary of AerCap, to resolve their $29.9 million dispute.

Singh, who along with Busy Bee Airways Private Ltd. has submitted a bid to acquire bankrupt GoFirst airline, said the company is focused on sustaining the positive momentum and creating long-term value for its stakeholders.

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