Page 19 - Spicejet

SpiceJet plans new flights; pilot pay up at Rs 7.5 lakh per month

SpiceJet was impacted by the grounding of the entire Boeing 737 Max aircraft fleet by the Directorate General of Civil Aviation (DGCA) for over two years

SpiceJet tanks 19%, crashes to near 8-year low on heavy volumes

Average trading volumes on the counter jumped over eight-fold with around 11.47 million equity shares, representing 1.9 per cen of total equity of SpiceJet changing hands on the BSE till 01:50 pm

Jet Airways, SpiceJet hit 52-week lows, slip up to 10% in firm market

Shares of Jet Airways declined 5 per cent as uncertainty continued over the revival of the grounded air line company

SpiceJet insolvency row: DGCA's early warnings reveal brewing trouble

As the insolvency issue of SpiceJet heats up, prior red-flagging to the company by the Directorate General of Civil Aviation (DGCA) had pointed out long awaited trouble for the aviation giant

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Stocks to Watch on Thursday: JK Tyre's net profit surged to Rs 111.56 crore in Q4FY23 from Rs 38.22 crore reported last year

NCLT to hear Spicejet insolvency plea on May 25 as talks with lessor fail

Tribunal gives SpiceJet a week to respond to Dublin-based Aircastle, which sought initiation of insolvency proceedings against the airline under IBC over unpaid dues of Rs 49 crore

SpiceJet subsidiary SpiceXpress to get $100 mn investment from UK group

Budget carrier SpiceJet on Monday said its subsidiary SpiceXpress and Logistics will receive USD 100 million investment from a UK-based group. SpiceJet, which is facing financial headwinds and an insolvency plea by an aircraft lessor, had recently hived off SpiceXpress. Also, last week, the airline said it has no plans to file for insolvency and would invest USD 50 million to revive 25 grounded planes. The United Kingdom-based SRAM & MRAM Group will invest USD 100 million in SpiceXpress. Both sides have signed a Memorandum of Understanding (MoU) as part of the investment deal, the airline said in a release on Monday. The MoU also comes after a debt restructuring agreement between the carrier and aircraft lessor Carlyle Aviation Partner wherein the latter bought a stake in SpiceXpress at an anticipated future valuation of USD 1.5 billion (Rs 12,422 crore). SpiceJet Chairman and Managing Director Ajay Singh said the USD 100 million investment should help SpiceXpress to grow further

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SpiceJet suspends flight operations from Ahmedabad-Goa for a month

The bench led by NCLT President Ramalingam Sudhakar directed SpiceJet to attend the hearing on the given date

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

Hero Moto, SpiceJet, AEL, TVS Motor among top 10 stocks to watch on Friday

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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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Stocks to watch on May 04, 2023: Adani Enterprises, Bombay Dyeing, Dabur, HDFC, Hero MotoCorp, Tata Power and TVS Motors may see some action owing to Q4 results on Thursday.