SpiceJet has no plans to file for insolvency proceedings and has already started the process of revival of the grounded fleet with $50 million.
This announcement from the airline comes at a time Indian aviation is going through turbulent phase with Aircastle moving to National Country Law Tribunal (NCLT) against SpiceJet while Go First filing for bankruptcy.
“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,” the airline said in a statement.
The NCLT has issued a notice to SpiceJet on the insolvency plea filed by Aircastle and the matter is scheduled for a hearing next week
Besides, lessors have sought the deregistration of three planes of SpiceJet.
“There is absolutely no question of filing for insolvency. Any rumour regarding the same is completely baseless. We are focused firmly on reviving our grounded fleet and getting more and more planes back into the air. Work on this front has already begun, and the company is using the $50-million ECLGS funds and our own cash,” Ajay Singh, Chairman and Managing Director, SpiceJet confirmed.