Spicejet Clears Provident Fund Dues of 10 Months
The payment clearances come after SpiceJet recently raised Rs 3,000 crore through qualified institutional placement (QIP).
This comes after Spicejet recently cleared salary arrears and GST dues.
After clearing salary arrears and GST dues, budget carrier Spicejet on Friday deposited 10 months’ worth of provident fund (PF) dues.
“Spicejet is pleased to announce that within the first week of raising fresh funds through the Qualified Institutional Placement (QIP), the airline has cleared all pending salary and GST dues and has made significant progress by depositing ten months of PF dues, and the process of clearing other outstanding dues ongoing,” said the low-cost airline’s spokesperson.
The airline had GST dues worth over Rs 145 crore.
The payment clearances come after SpiceJet recently raised Rs 3,000 crore through qualified institutional placement (QIP). The QIP attracted a diverse range of top-tier institutional investors and funds, including marquee names such as Goldman Sachs (Singapore), Morgan Stanley Asia, Tata Mutual Fund, and Discovery Global Opportunity Ltd.
On September 24, SpiceJet also announced it had resolved its dispute with Engine Lease Finance Corporation (ELFC) through an amicable settlement. ELFC had previously claimed $16.7 million, and the settlement has been reached for an undisclosed amount, which is lower than the initial claim. This resolution marks another significant step towards strengthening SpiceJet’s financial health.
SpiceJet is facing several insolvency petitions from creditors, including Willis Lease, Aircastle Ireland Ltd, Wilmington and Celestial Aviation at NCLT and the appellate tribunal NCLAT.
Shares of Spicejet are currently trading at Rs 62.79 apiece on the BSE.
