Airline Crisis, Spicejet ready to fly the grounded planes again, denied the news of bankruptcy, told the complete plan – airline crisis spicejet says no question of filing insolvency
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SpiceJet’s statement came at a time when an aircraft lessor company has applied for a debt settlement solution against the airline. On the other hand, the National Company Law Tribunal (NCLT) on Wednesday accepted the application for insolvency proceedings filed voluntarily by the crisis-hit Go First.
no application plan
Citing recent developments in the aviation market, SpiceJet said it has no plans to file for bankruptcy. The company said in a statement, “We want to end any speculation arising out of a debt bankruptcy petition filed by another airline. The airline (SpiceJet) is focused on its business and continuous talks are on with investors to raise funds.
It may be noted that the NCLT had on May 8 issued a notice to SpiceJet on the insolvency plea of aircraft leasing company Aircastle (Ireland) Limited. The matter is to be heard next week. In addition, aircraft lessors have appealed for de-registration of three SpiceJet aircraft.
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told the speculations baseless
SpiceJet Chairman and Managing Director Ajay Singh said, “There is no question of filing a bankruptcy petition. Speculations about this are completely baseless. We have started the work of bringing back into operation our aircraft which are currently not flying. The company is using the $50 million ECLGS (Emergency Credit Facility Guarantee Scheme) fund and cash available with itself for this.” The company last week announced plans to bring 25 stalled aircraft into operation. SpiceJet has around 80 aircraft in its fleet.
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