New Delhi, Nov 17 (IANS): Budget passenger carrier SpiceJet has entered into a settlement agreement with global aerospace major Boeing over the grounding of 737 MAX aircraft and its return to service.

According to the airlines, under the agreement Boeing has agreed to provide certain "accommodations and settle the outstanding claims" related to the grounding and return to service of the aircraft.

"This paves the way for the induction of efficient and younger Max aircraft into SpiceJet's fleet and ensures the resumption of new aircraft deliveries from our order of 155 MAX aircraft," the airline said.

The Max aircraft has been grounded for over two years in India.

Recently, DGCA revoked the ban on the aircraft.

It had earlier suspended the aircraft's operations in March 2019 after two fatal crashes.

The aircraft only returned back to service in the third quarter (Q3) of FY22. It has 13 aircraft of this type in its fleet.

SpiceJet is the only operator of 737 MAX in India. The lifting of the ban couldn't have come at a better time for SpiceJet, as India has opened up its aviation sector to pre-Covid levels.

It had placed an order for 225 Maxs in 2017, while it has a firm order of 155 of these aircraft.