SpiceJet enters into settlement agreement with NAC for Q400 aircraft

The SpiceJet airline has entered into a settlement agreement with Nordic Aviation Capital (NAC), a major lessor for its Q400 aircraft, the spokesperson said on Wednesday.

"The agreement settles all past liabilities for the Q400s leased by NAC to SpiceJet. The airline presently operates five Q400 aircraft from NAC in its fleet," the airline claimed.

The SpiceJet spokesperson said that separately, the airline will be inducting three additional Q400 aircraft from NAC back into its fleet.

"These three planes had been repossessed by the lessor. The induction of the three planes in addition to the fleet revival and restoration program launched by the airline would result in a substantial addition of planes in the SpiceJet fleet in the coming weeks," said the spokesperson.

In May, Lessors had requested the Directorate General of Civil Aviation (DGCA) to deregister one aircraft each from Wilmington Trust SP Services, Sabarmati Aviation Leasing, and Falgu Aviation Leasing with the airline.