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SpiceJet Ltd News

SpiceJet faces new financial crisis over unpaid provident fund dues

SpiceJet faces new financial crisis: The last provident fund deposit by SpiceJet was made in January 2022 for 11,581 employees, as revealed by a query sent to the EPFO

SpiceJet faces new financial crisis over unpaid provident fund dues
Updated On : 08 Jul 2024 | 5:31 PM IST

SpiceJet faces contempt notice if engines not returned to lessor by July 8

The Delhi High Court has warned SpiceJet of contempt if it fails to return three engines to TWC Aviation by July 8, noting the airline's significant debt

SpiceJet faces contempt notice if engines not returned to lessor by July 8
Updated On : 02 Jul 2024 | 3:55 PM IST

SpiceJet's domestic passenger market share drops below Akasa Air in May

SpiceJet carried 554,000 passengers in May, a drop of about 10 per cent month-on-month (MoM). On the other hand, Akasa Air carried 664,000 passengers in May, a jump of about 14.5 per cent MoM

SpiceJet's domestic passenger market share drops below Akasa Air in May
Updated On : 14 Jun 2024 | 4:48 PM IST

NCLT to hear insolvency plea filed by ELF against SpiceJet on August 2

The National Company Law Tribunal (NCLT) has issued a notice to SpiceJet over an insolvency plea filed by Engine Lease Finance BV, an aircraft engine lessor of the debt-ridden air carrier. The single-member NCLT bench has asked SpiceJet to file a response over the Engine Lease Finance (ELF) plea and directed listing the matter for hearing on August 2, 2024. During the proceedings, SpiceJet raised objections over the maintainability of the plea, in which ELF has claimed a payment default of over USD 12 million (around Rs 100 crore). ELF has leased eight engines to SpiceJet. Along with interest and rental, ELF has claimed around USD 16 million dues. Earlier, the matter was listed before a Delhi-based bench of the NCLT on May 29. SpiceJet had then raised objections against ELF's plea citing technical defects and the tribunal gave the engine lessor an opportunity to rectify the errors. On Wednesday, when the defects were rectified, the insolvency tribunal issued a notice to the ...

NCLT to hear insolvency plea filed by ELF against SpiceJet on August 2
Updated On : 13 Jun 2024 | 10:05 PM IST

SpiceJet halts Hyderabad-Ayodhya flights, less than 2 months after launch

SpiceJet has discontinued direct flights between Ayodhya and six other cities amid tourism decline in the city

SpiceJet halts Hyderabad-Ayodhya flights, less than 2 months after launch
Updated On : 12 Jun 2024 | 4:10 PM IST

SpiceJet aims to raise $250 mn in coming months, says CEO Ajay Singh

SpiceJet Chief Ajay Singh on Wednesday said the airline will be raising around USD 250 million in the next couple of months as the budget carrier works on boosting its operations. The airline is tackling multiple headwinds, including lessor and debt woes, with Singh saying the carrier has faced "significant black swan events". "It is difficult to kill SpiceJet....and we are trying to fix the problems," he said and asserted that the airline's balance sheet will be cleaned up over the next two quarters. Recently, the airline raised USD 150 million and is looking for more funds. The airline plans to raise USD 250 million in the next couple of months and there is a bright enough future, Singh said at the CAPA India Aviation Summit in the national capital. Currently, the carrier has wet leased some aircraft as many of its planes are grounded due to various reasons. "We will grow our own fleet," Singh, the Chairman and Managing Director of the airline, said. Singh also said it is crit

SpiceJet aims to raise $250 mn in coming months, says CEO Ajay Singh
Updated On : 05 Jun 2024 | 1:55 PM IST

SpiceJet cancels Chennai flights till June 10, cites 'operational reasons'

Sources said that the airline has cancelled a total of about 60 flights until June 10 to and from the Chennai airport due to the aforementioned suspension

SpiceJet cancels Chennai flights till June 10, cites 'operational reasons'
Updated On : 03 Jun 2024 | 8:15 PM IST

Lessor moves insolvency plea before NCLT against SpiceJet over $12 mn

Engine Lease Finance BV, an aircraft engine lessor of SpiceJet, has moved an insolvency plea before the NCLT against the debt-ridden air carrier over non-payment of over USD 12 million (around Rs 100 crore). Engine Lease Finance (ELF) has leased eight engines to SpiceJet. Along with interest and rental, ELF has claimed an amount of around USD 16 million. The matter was listed before a Delhi-based bench of the National Company Law Tribunal (NCLT) on Wednesday, which heard it briefly. Counsel appearing for SpiceJet sought time to respond to the petition filed by Engine Lease Finance. On this, the NCLT bench comprising members Mahendra Khandelwal and Sanjeev Ranjan directed SpiceJet to file its response to the petition. Headquartered in Shannon, Ireland, ELF is the world's leading independent engine financing and leasing company. It entered into an agreement in 2017 with SpiceJet to lease engines. According to the petitioner, the low-budget carrier has defaulted on payments since Apr

Lessor moves insolvency plea before NCLT against SpiceJet over $12 mn
Updated On : 30 May 2024 | 4:45 AM IST

Claims of KAL Airways, Maran on damages 'legally untenable': SpiceJet

In an escalation of the ongoing dispute, SpiceJet on Tuesday said the claims made by KAL Airways and Kalanithi Maran for more than Rs 1,323 crore in damages are baseless and legally untenable. On Monday, KAL Airways and Kalanithi Maran said they will seek more than Rs 1,323 core in damages from SpiceJet and its chief Ajay Singh as well as challenge the recent Delhi High Court order in the ongoing dispute between the two sides. In a regulatory filing, SpiceJet said it strongly refutes the claims made by KAL Airways and Maran regarding seeking damages of Rs 1,323 crore. "These assertions are not only legally untenable but also a regurgitation of previously rejected claims by the arbitral tribunal and then the Delhi High Court," the airline said in the filing on Tuesday. According to the carrier, KAL Airways and Maran initially sought damages of more than Rs 1,300 crore during the arbitration proceedings. "This claim was thoroughly examined and subsequently rejected by a panel of thr

Claims of KAL Airways, Maran on damages 'legally untenable': SpiceJet
Updated On : 28 May 2024 | 1:15 PM IST

Kalanithi Maran seeks Rs 1,323 cr in damages, SpiceJet refutes claims

KAL Airways and its promoter Kalanithi Maran have decide to challenge an arbitral award requiring SpiceJet and Ajay Singh to refund Rs 579 crore plus interest to Maran

Kalanithi Maran seeks Rs 1,323 cr in damages, SpiceJet refutes claims
Updated On : 27 May 2024 | 3:03 PM IST

KAL Air, Maran to seek Rs 1,323 crore in damages from SpiceJet, Ajay Singh

For the last several quarters, SpiceJet has been grappling with a cash crunch amid multiple legal battles over unpaid dues to aircraft lessors, engine lessors, lenders, and Maran

KAL Air, Maran to seek Rs 1,323 crore in damages from SpiceJet, Ajay Singh
Updated On : 27 May 2024 | 5:36 PM IST

SpiceJet to seek refund of Rs 450 crore from Kalanithi Maran and his firm

Private airline SpiceJet has already disbursed Rs 730 crore to Maran and his firm, of which, Rs 580 crore represents the principal amount, with an additional interest component of Rs 150 crore

SpiceJet to seek refund of Rs 450 crore from Kalanithi Maran and his firm
Updated On : 22 May 2024 | 1:21 PM IST

Delhi High Court orders SpiceJet to return leased aircraft, engines to TWC

SpiceJet, which currently owes $14 million to TWC, had its offer to pay $435,000 a month to clear its dues rejected

Delhi High Court orders SpiceJet to return leased aircraft, engines to TWC
Updated On : 21 May 2024 | 6:13 PM IST

HC sets aside order directing SpiceJet to pay Rs 270 cr to Kalanithi Maran

Kal Airways and Maran had moved the Delhi High Court on August 9, 2023, seeking 50 per cent of the daily revenue collection of low-cost carrier SpiceJet to be paid to them on a weekly basis

HC sets aside order directing SpiceJet to pay Rs 270 cr to Kalanithi Maran
Updated On : 17 May 2024 | 7:35 PM IST

HC sets aside order directing SpiceJet to pay Rs 270 cr to Kalanithi Maran

The Delhi High Court overturned a single judge's ruling that upheld the validity of an arbitral award in favour of Kalanithi Maran

HC sets aside order directing SpiceJet to pay Rs 270 cr to Kalanithi Maran
Updated On : 17 May 2024 | 3:42 PM IST

Delhi HC asks SpiceJet to pay Rs 50 cr or face grounding of two engines

Justice Pratibha Singh instructed the SpiceJet counsel to obtain guidance by May 3 regarding the feasible time period for SpiceJet to pay Rs 50 crore to its lessors

Delhi HC asks SpiceJet to pay Rs 50 cr or face grounding of two engines
Updated On : 02 May 2024 | 9:18 AM IST

Stocks to Watch: Infy, Bajaj Auto, HDFC Life, ICICI Sec, ITC, SpiceJet

Stocks to watch on Friday, April 19: Balrampur Chini, Bandhan Bank, Exide, GNFC, Hindustan Copper, Metropolis, National Aluminium, Primal Enterprises, SAIL and Zee among 11 stocks in F&O ban today.

Stocks to Watch: Infy, Bajaj Auto, HDFC Life, ICICI Sec, ITC, SpiceJet
Updated On : 19 Apr 2024 | 8:05 AM IST

Three aircraft lessors take SpiceJet to court over unpaid dues of Rs 77 cr

Celestial Aviation, Willis Lease Finance, Aircastle, and Wilmington had also filed applications against SpiceJet in 2023 for outstanding dues

Three aircraft lessors take SpiceJet to court over unpaid dues of Rs 77 cr
Updated On : 18 Apr 2024 | 7:05 PM IST

SpiceJet to soon receive Q400 plane as part of settlement with lessor NAC

SpiceJet on Tuesday said it will soon be receiving a Q400 aircraft as part of the settlement reached with lessor Nordic Aviation Capital (NAC) last year. The airline has settled all past liabilities for the Q400 planes leased from NAC, and under the settlement agreement it already has five Q400 aircraft. "The ownership of these planes has been transferred to SpiceJet," the airline said and added that the sixth Q400 plane is en route to India from Germany. The aircraft is expected to arrive in Delhi soon. The carrier, which is taking various measures to deal with multiple headwinds, recently announced four major settlements with key aircraft lessors. According to the airline, these settlements will result in substantial savings of Rs 1,252 crore.

SpiceJet to soon receive Q400 plane as part of settlement with lessor NAC
Updated On : 02 Apr 2024 | 4:38 PM IST

SpiceJet settles Rs 755 crore liabilities with aircraft lessor EDC

This will allow airline to own 13 of the 15 Bombardier Q400 aircraft financed by the Canadian agency

SpiceJet settles Rs 755 crore liabilities with aircraft lessor EDC
Updated On : 26 Mar 2024 | 4:44 PM IST