NEW DELHI: SpiceJet has entered into a settlement agreement with Nordic Aviation Capital (NAC), a major lessor for its Q400 aircraft. In a statement, the airline said 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.

Separately, the airline will be inducting three additional Q400 aircraft from NAC back into its fleet, the statement said. "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."

SpiceJet operates about 250 daily flights to 48 destinations within India and to international destinations.

Its fleet is a mix of aircraft including Boeing 737 Max, Boeing 700 and Q400s. SpiceJet was launched in May 2005.