Crisis-hit SpiceJet on Tuesday said it has reached a settlement with aircraft leasing firm Cross Ocean Partners to resolve a dispute involving an amount of USD 11.2 million (around Rs 93 crore).

As part of the arrangement, the airline said it will benefit from the transfer of airframe and engine at no additional cost.

"The parties made this joint announcement before the Delhi High Court in the ongoing execution petition being pursued by Cross Ocean Partners," SpiceJet said in a release.

The airline has been facing multiple headwinds and is in the process of raising funds. Besides, the carrier has settled some disputes in recent times.

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