SpiceJet clears all pending employee provident fund dues – CNBC TV18
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Over the past three months, since raising ₹3,000 crore through a Qualified Institutional Placement (QIP), the airline has cleared all pending statutory liabilities, including tax deducted at source (TDS), goods and services tax (GST), and employee salary dues.
SpiceJet’s statement claims that since October 2024, the airline has utilised its internal cash flows to meet its statutory obligations, including PF and TDS payments.
The move, the airline said, has strengthened the balance sheet for a financial turnaround.
Ajay Singh, Chairman and Managing Director, SpiceJet, said that the company eyes sustainable growth going forward as it has cleared all pending statutory dues and is settling disputes with lessors and creditors.
The airline on November 28 had announced that Aircastle, one of its aircraft lessors, has withdrawn its insolvency plea after a mutually agreed settlement. The dispute, which originally amounted to $23.39 million, was resolved for $5 million.
SpiceJet has already settled a range of other disputes, including a$131.85 million dispute with Horizon Aviation lessors, for $22.5 million. A $16.7 million dispute with Engine Lease Finance Corporation, settled for an undisclosed lower amount. A $4.5 million dispute with Shannon Engine Support, has been settled for $2 million. It also settled a $90.8 million dispute with Export Development Canada for $22.5 million.
SpiceJet shares traded 1.2% higher at Rs 58.49 on NSE at 2:53 pm.
