Domestic airline SpiceJet has announced the clearance of all its Goods and Services Tax (GST) dues, marking a crucial milestone in its journey towards financial recovery. The payment was made following the company’s recent success in raising ₹3,000 crore through a Qualified Institutional Placement (QIP).
SpiceJet’s QIP attracted a broad spectrum of high-profile institutional investors, including financial giants such as Goldman Sachs (Singapore), Morgan Stanley Asia, Tata Mutual Fund, and Discovery Global Opportunity Ltd.
Ajay Singh, Chairman and Managing Director of SpiceJet, shared his thoughts on this development: “We are proud to have cleared all GST dues, a significant step towards reinforcing our commitment to financial discipline and regulatory compliance. These developments reflect our commitment to providing exceptional service to our passengers while positioning ourselves strategically for the future.”
The airline’s financial restructuring doesn’t stop there. On September 24, SpiceJet also announced the resolution of its legal dispute with Engine Lease Finance Corporation (ELFC). ELFC had initially claimed USD 16.7 million from the airline, but both parties have reached an amicable settlement for an undisclosed, reduced amount.
SpiceJet has also addressed the issue of outstanding salaries. The airline recently cleared all salary dues owed to its employees, further underlining its efforts to rebuild and ensure financial health.(Photo: X.com/Spicejet)
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