SpiceJet Ltd News

SpiceJet to operationalise 3 grounded B737 MAX planes by April 2025

SpiceJet has entered into an agreement with US-based StandardAero that will provide the services for operationalising the airline's grounded Boeing 737 MAX planes and three of the aircraft are expected to return to service by April 2025. Seven Boeing 737 MAX aircraft of the no-frills carrier are on the ground. The airline has inked an agreement with MRO (Maintenance, Repair and Overhaul) services provider StandardAero for enabling restoration of its grounded Boeing 737-8 MAX fleet, according to a release on Friday. StandardAero is also a MRO services provider for CFM LEAP-1B engines, which power SpiceJet's Boeing 737 MAX planes. The agreement with StandardAero follows successful arrangements with CFM International -- the manufacturer of LEAP-1B engines -- and the lessor for the Boeing 737 MAX aircraft. "These developments pave the way for the un-grounding and return to service of three Boeing 737 MAX aircraft by April 2025," SpiceJet said in the release. SpiceJet Chairman and Man

Aircraft lessor Genesis to buy SpiceJet's stake to settle $16 mn dispute

SpiceJet on Thursday said aircraft lessor Genesis will acquire a stake worth USD 4 million in the airline as part of settling a more than USD 16 million dispute. For the settlement, the airline will also pay USD 6 million to Genesis. The budget carrier, which recently raised Rs 3,000 crore amid financial headwinds, has been settling various disputes with lessors and other entities. Subject to the settlement terms being satisfied, SpiceJet said both parties have agreed to withdraw all ongoing litigations and disputes related to this matter at the appropriate forums. In a release, the airline said it has reached an amicable settlement with Genesis, resolving their over USD 16 million dispute. 'Under the agreement, SpiceJet will pay Genesis USD 6 million and Genesis will acquire USD 4 million in SpiceJet equity at a price of Rs 100 per share,' it said. In September, Carlyle Aviation agreed to convert USD 30 million of lease arrears into SpiceJet equity at Rs 100 per share. Earlier,

SpiceJet shares take off 8% on settling $16 mn dispute with Genesis

Shares of SpiceJet rallied up to 7.85 per cent at SpiceJet per share on the BSE in Thursday's intraday deals

SpiceJet clears Rs 160 crore pending employee provident fund dues

SpiceJet on Friday said it has cleared all employee provident fund dues worth Rs 160.07 crore that were pending for over two years. The low-cost carrier, which has been facing multiple headwinds, recently raised Rs 3,000 crore, following which it has been clearing statutory, GST (Goods and Services Tax) and other dues. Employee provident fund dues amounting to Rs 160.07 crore, spanning over two years, have been cleared, the airline said in a release. According to the release, since October, SpiceJet has been utilising its internal cash flows to meet its statutory obligations, including provident fund and TDS (Tax Deduction at Source) payments, the release said. The airline has also resolved various disputes with aircraft lessors and other creditors. Shares of SpiceJet rose 1.38 per cent to close at Rs 58.59 apiece on BSE.

SpiceJet set to hold annual general meeting for FY24 on December 30

SpiceJet will hold its annual general meeting for the 2023-24 financial year on December 30. At the meeting, the airline will seek shareholders' approval for increasing the authorised share capital to infuse fresh share capital, according to a regulatory filing on Saturday. Approvals will also be sought for the re-appointment of Ajay Singh as a director, appointment of Sonum Gayatri Malhotra as an independent director and for adopting audited financial statements for the 2023-24 fiscal year. The meeting will be held on December 30. Currently, the company's authorised share capital is Rs 15,000,000,000. The filing said in order to facilitate the infusion of fresh share capital in the company, it is necessary to increase the authorised share capital to Rs 20,000,000,000.

Aircastle drops insolvency case against SpiceJet after $5.6 mn settlement

Earlier in November, the airline had announced the resolution of a $23.39 million dispute involving Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Ltd

SpiceJet flies 3% after lessor Aircastle withdraws insolvency case

Last month, SpiceJet announced the resolution of a $23.39 million dispute with Aircastle (Ireland) designated activity company and Wilmington Trust SP Services (Dublin) Limited

SpiceJet faces fresh insolvency pleas from Sabarmati Aviation, JetAir 17

Two more insolvency petitions were filed by Sabarmati Aviation and JetAir 17 against budget carrier Spicejet at the National Company Law Tribunal (NCLT) on Monday. The NCLT issued a notice to the airline over the plea by operational creditor Sabarmati Aviation while asking another complainant, JetAir 17, to file additional documents in support of its claims of USD 27 million. During the proceedings, senior advocate Krishnendu Datta representing SpiceJet submitted that a reply would be filed over the plea of Sabarmati Aviation. However, he opposed the plea of JetAir 17 contending that their claims as an operational creditor are disputed. In the matter of JetAir 17, the NCLT asked the company to file additional documents to support its claims as SpiceJet contended that it has not entered into a lease agreement with it. JetAir 17, an Irish company, operates within the renting and leasing of air passenger transport equipment industry. Dutta submitted that JetAir 17 is claiming its du

SpiceJet clears $90.8 million EDC debt, secures full ownership of 13 planes

As part of the settlement, SpiceJet has acquired full ownership of 13 Q400 aircraft previously financed by EDC

SpiceJet stock flies 4% after settling dispute, acquiring 13 Q400 Aircrafts

SpiceJet share price jumped up to 4.1 per cent at Rs 55.87 per share on the BSE in Thursday's intraday deals

Crisis-hit SpiceJet's AGM for 2023-24 to be held on or before Dec 31

SpiceJet on Wednesday said the annual general meeting for 2023-24 will be held on or before December 31 as the company has been given up to three more months to conduct the meeting. The crisis-hit carrier, which had recently raised Rs 3,000 crore, said it had received emails from the BSE regarding the non-submission of the annual report for the financial year ended March 31, 2024. "In this regard, we wish to inform you that the company has obtained an extension of up to three (3) months from the Registrar of Companies under Section 96 of the Companies Act, 2013, for conducting the Annual General Meeting (AGM) of the company for the financial year ended March 31, 2024," it said in a filing. Further, the airline said the AGM will be held on or before December 31, 2024, and the annual report for the 2023-24 fiscal will be sent to all stakeholders in terms of the Companies Act, 2013, read with Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

SpiceJet shares rise 4% on launching 8 new domestic flights by November 15

This expansion follows the recent launch of 32 new flights in October 2024, including two international flights connecting Delhi with Phuket

SpiceJet resolves $4.5 mn dispute with Shannon Engine support for $2 mn

SpiceJet's series of settlements follows its successful Rs 3,000 crore fundraise in September through a Qualified Institutional Placement

DGCA removes 'enhanced surveillance' of SpiceJet after fund infusion

Random spot checks of low-cost carrier's operational aircraft will continue, says regulator

SpiceJet up 3% on settling $23 mn dispute with Aircastle & Wilmington Trust

The spike in SpiceJet share price came after the company announced that it has settled a $23.39 million dispute with Aircastle (Ireland) & Wilmington Trust SP Services (Dublin) Limited for $5 million

SpiceJet settles $23.39 mn dispute with Aircastle, Wilmington Trust

Budget carrier SpiceJet on Tuesday said it has successfully settled a USD 23.39 million dispute with two aircraft lessors -- Aircastle and Wilmington Trust, days after amicably resolving a similar dispute with a US-based aircraft leasing firm, BBAM. As part of the settlement, all ongoing litigation and disputes between the parties will be withdrawn at appropriate forums, the airline said in a statement. SpiceJet has "successfully settled" a USD 23.39-million dispute with Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Ltd for an aggregate sum of USD 5-million, together with agreement in relation to the treatment of certain aircraft engines, the statement added. Both parties have reached this agreement through amicable negotiations, choosing to resolve the matter outside the courtroom, it said. "We have successfully resolved this long-standing dispute with Aircastle and Wilmington Trust. With this and other significant settlements, SpiceJet

SpiceJet faces new insolvency case over Rs 58 crore unpaid dues to lessor

SpiceJet faces new insolvency plea in NCLT over Rs 58 crore unpaid dues to lessor Aviator ML 29641 Ltd, the tribunal has given the airline time to respond, the next hearing is on Nov 11

SpiceJet takes off 8% on resolving dispute with lessors for $22.5 mn

SpiceJet share price today: SpiceJet settled dispute with Babcock & Brown Aircraft Management for $22.5 million

Grounded planes will be back in service within 24 months: SpiceJet to DGCA

Company to spend Rs 400 crore on 36 grounded aircraft; says planning to bring 7 of them back in service by Nov 15

SpiceJet to add 10 aircrafts by next month; first plane induction on Oct 10

Domestic carrier SpiceJet on Tuesday said it will enhance its fleet by another 10 aircraft by next month with the first plane set to be inducted on October 10. Seven of these aircraft will be acquired on lease, while three previously grounded ones are being reintroduced, SpiceJet said in a release. The Gurugram-headquartered airline has only 19 aircraft in operations while as many as 36 planes were on grounded as of October 8 according to the live aircraft fleet tracking website, Planespotter.net. The announcement comes on the back of SpiceJet securing Rs 3,000 crore fresh capital infusion through QIP late last month. The airline will receive an additional Rs 736 crore from a previous funding round, further bolstering its financial stability and growth trajectory. SpiceJet said it has already signed agreements for the leased aircraft, with the full induction of all seven planes expected by November 15. Two of these leased aircraft have already arrived in India and are scheduled f