Page 19 - Spicejet

No question of filing for insolvency, 'rumour baseless': SpiceJet CMD

Airline 'focused firmly' on reviving grounded fleet, says Ajay Singh

SpiceJet starts process of reviving grounded airplanes with $50 mn

Budget carrier SpiceJet on Thursday said it has no plans to file for insolvency proceedings and has also started the process of reviving its grounded fleet with USD 50 million. The statement from SpiceJet comes at a time when a lessor has filed an insolvency resolution plea against the airline and crisis-hit rival Go First being admitted for voluntary insolvency resolution proceedings by the National Company Law Tribunal (NCLT) on Wednesday. While citing the recent developments in the Indian aviation market, SpiceJet said it has no plans whatsoever to file for insolvency. "We want to scotch any speculation that may have arisen due to the filing by another airline. The airline is firmly focussed on its business and remains in active talks with investors to raise funds," it said in a statement. On May 8, the NCLT issued a notice to the budget carrier on the insolvency plea filed by lessor AirCastle (Ireland) Ltd and the matter is scheduled for a hearing next week. Besides, lessors h

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Stocks to Watch today: In a major blow, lessors have approached aviation regulator DGCA for deregistration of three planes of SpiceJet

Lessors approaches regulator DGCA to deregister three planes of SpiceJet

In further headwinds for struggling SpiceJet, lessors have approached aviation regulator DGCA for deregistration of three planes of the airline. Many aircraft of the budget carrier are grounded due to various reasons. The airline's three lessors -- Wilmington Trust SP Services, Sabarmati Aviation Leasing and Falgu Aviation Leasing -- have sought deregistration of one aircraft each, according to an update on the regulator's website. The latest development comes a day after the National Company Law Tribunal (NCLT) issued a notice to the Ajay Singh-promoted private carrier on a petition filed by an aircraft lessor seeking initiation of insolvency resolution proceedings against it. "Two of the three planes are grounded for a long period now and the same doesn't affect our operations," a SpiceJet spokesperson said in a statement. "We are in discussion to resolve the matter. We have been working to bring back our grounded fleet basis the loan sanctioned under the ECLGS (Emergency Credit

NCLT sends notice to SpiceJet on lessor's insolvency plea, seeks reply

A two-member Principal bench of President Ramalingam Sudhakar and Member Avinash K Srivastava issued a notice to Spicejet to file their reply

NCLT issues notice to SpiceJet on aircraft lessor's bankruptcy petition

The National Company Law Tribunal on Monday issued a notice to SpiceJet on a petition filed by an aircraft lessor seeking initiation of insolvency resolution proceedings against the budget carrier and the next hearing is scheduled for May 17. The petition was filed by Aircastle (Ireland) Ltd. A two-member Principal bench of the NCLT headed by President Ramalingam Sudhakar issued the notice to SpiceJet and directed to list the matter on May 17 for the next hearing. A SpiceJet spokesperson said that in the Aircastle issue, notice was issued in normal course. " There was no adverse ruling against SpiceJet. The court has recognised the fact that parties are under settlement discussions and they can continue to pursue the same," he said. The latest development also comes at a time when crisis-hit rival Go First has filed for voluntary insolvency resolution proceedings. Aircastle filed the petition against SpiceJet on April 28. Last week, SpiceJet said there were no aircraft from Airc

NCLT to hear insolvency proceedings plea filed against SpiceJet on May 8

SpiceJet too seems to be facing headwinds, with a lessor filing a plea seeking insolvency resolution proceedings against the no-frills airline and the petition is scheduled for hearing before the National Company Law Tribunal (NCLT) next week. It also comes at a time when competitor and cash-starved Go First has cancelled flights and has filed for voluntary insolvency resolution proceedings. Aircraft lessor Aircastle (Ireland) Ltd has filed the petition against SpiceJet for initiating insolvency resolution proceedings. The plea was filed on April 28 and it is to be heard by the NCLT Principal Bench on May 8, according to an update on the tribunal's website. A SpiceJet spokesperson said presently, there are no aircraft from this lessor in the airline's fleet and that the development will in no way affect its operations. "All aircraft from this lessor have already been returned by SpiceJet... "We are confident of resolving the matter without court proceedings and we are in discussio

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Lessor Aircastle files case against SpiceJet to initiate insolvency process

The first hearing of Aircastle's case will take place on Monday at the Delhi bench of NCLT

Need more rational airfares in country, says SpiceJet CEO Ajay Singh

SpiceJet CEO Ajay Singh on Thursday said there is a need for "more rational airfares" in the country even as he tried to assuage concerns of a hike in airfares as a consequence of competitor Go First filing for voluntary insolvency by terming it a "temporary phenomena". He termed the Go First development as "extremely unfortunate" and expressed hope that the airline can use this opportunity to resolve their issues. Asked about concerns on hike in airfares as a consequence of competitor Go First filing for voluntary insolvency, the SpiceJet chief said: "Those are temporary phenomena". "Of course when there is a mismatch of supply and demand, airfares will go up but this settles quite nicely as you would have seen the last time an airline went down there was a temporary period of mismatch and the capacity came into the system and fares were back to normal," Singh said. He further said that while the era of low airfares has helped in boosting air travel in this country, sometimes it h

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SpiceJet plans to revive 25 planes as Go First files for bankruptcy

SpiceJet has 31 planes in 'storage', has mobilised around Rs 400 cr for getting them back in the air

Go First bankruptcy: IndiGo, SpiceJet good momentum plays, say analysts

Apart from IndiGo, Tata group-owned Air India, could be the second key beneficiary given its strong fleet and balance-sheet strength

Go First saga: SpiceJet to revive 25 grounded aircraft, mobilises Rs 400 cr

The funds for revival will be drawn from the Centre's Emergency Credit Line Guarantee Scheme (ECLGS) and better cash accruals, the airline said in a statement

IndiGo, SpiceJet rally up to 8% as Go First files for bankruptcy

Shares of InterGlobe Aviation, which runs the country's largest airline IndiGo, hit a 52-week high of Rs 2,235.95, surging 8 per cent on the BSE.

SpiceJet to operate more flights to evacuate people under Operation Kaveri

SpiceJet on Monday said it plans to operate more flights from Saudi Arabia to different Indian cities to bring back people evacuated from Sudan under 'Operation Kaveri'. The no-frills airline operated a flight from Jeddah to Kochi on April 30 and brought back 184 Indians under Operation Kaveri. In a release, the carrier said it is in regular touch with the Ministry of External Affairs and the Indian Embassy in Saudi Arabia to coordinate further evacuation efforts. "More evacuation flights from Saudi Arabia to different cities in India are being planned," it said. The airline operates daily flights from Jeddah to Calicut, Delhi and Mumbai. It also has daily services from Riyadh to Delhi. Under 'Operation Kaveri', a total of 2,140 Indians have been brought back from strife-torn Sudan, according to official data. Earlier, SpiceJet helped in evacuating more than 1,600 students under Operation Ganga by operating special flights to Budapest, Kosice and Suceava.

SpiceJet to appoint Arun Kashyap as Chief Operating Officer from June 12

No-frills carrier SpiceJet on Thursday announced the appointment of Arun Kashyap as its Chief Operating Officer. Kashyap will be rejoining SpiceJet from Air India where he is the Chief Technical Officer. Earlier, he had served as the Chief Program & Transformation Officer at SpiceJet. The appointment of Kashyap will be effective from June 12 and he will report to the airline's Chairman and Managing Director Ajay Singh, SpiceJet said in a release. He has also worked with flydubai, Jet Airways and Oman Air. "I am delighted to welcome Arun back to the SpiceJet family. As COO, he will have a key role to play in the growth of the airline," Singh said.

Domestic passenger traffic grows 51.7% on YoY basis; IndiGo gains mkt share

The domestic airlines carried a total of 37.5 million passengers between January-March 2023 as compared to 24.7 million passengers during the corresponding period in the last year

Srinagar-bound SpiceJet flight returns to Delhi after false cockpit warning

"On April 18, a SpiceJet B737 aircraft operating flight SG-8373 (Delhi-Srinagar) returned to Delhi as the AFT cargo fire light illuminated the cockpit," the spokesperson said

IndiGo flies higher even as SpiceJet sputters into a loss in Q4: Brokerages

Traffic in the sector has crossed pre-Covid levels and has sustained in the fourth quarter, which is traditionally a weak season for travel