The airline said that the agreement - the terms of which are confidential - ends all litigation proceedings between the parties, adding that this will allow SpiceJet to add two more fuel-efficient Boeing 737 MAX aircraft and one Boeing 737-800 NG aircraft to its fleet.
Recently, SpiceJet has been in trouble with its lessors, Ireland-based Alterna Aircraft Ltd and United Arab Emirates aeronautics firm AWAS, who asked the Indian aviation regulator to de-register their planes.
Last week, Reuters reported lenders IDFC First Bank, Yes Bank and Indian Bank, had put their loans to the airline in the high-risk category.
SpiceJet, however, had rejected the claims.
(Reporting by Nishit Navin in Bengaluru; Editing by Neha Arora)