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New Delhi: Aviation safety regulator the Directorate General of Civil Aviation (<keyword id="19899185" type="General" weightage="20" keywordseo="DGCA" source="keywords">DGCA</keyword>) has placed <keyword id="19987725" type="General" weightage="100" keywordseo="SpiceJet" source="keywords" meta.keywordsubtype="org" meta.entityname="SpiceJet" meta.hostid="83" meta.entityid="SpiceJet">Spicejet</keyword> under '<keyword id="20073402" type="General" weightage="20" keywordseo="enhanced-surveillance" source="keywords">enhanced surveillance</keyword>' with immediate effect. A senior DGCA official said that based on reports of cancellation of flights and financial stress being experienced by <keyword id="22971642" type="General" weightage="20" keywordseo="spicejet-airlines" source="keywords">Spicejet Airlines</keyword>, a special audit of Spicejet engineering facilities was conducted on the August 7 and Auugst 8, 2024, which has revealed certain deficiencies. Following a series of occurrences reported on the Spicejet fleet in 2022, a special drive of spot checks was undertaken during which Spicejet was permitted to release aircraft for operations only after confirming to DGCA that all reported defects/malfunctions had been rectified. During the year 2023, based on reports of the airline being under financial stress, it was again placed under enhanced surveillance. In light of the past record and the special audit carried out in August 2024, Spicejet has once again been placed under enhanced surveillance with immediate effect. This would entail an increase in the number of spot checks and night surveillance with a view to ensure safety of operations. According to reports, the airline's passengers were on Thursday barred from checking-in for their flights at Dubai airport over delayed payments. On reports of cancellation of Spicejet flights from Dubai, the airline spokesperson said, "Due to operational reasons, a few SpiceJet flights from Dubai were cancelled. Affected passengers have been accommodated on subsequent SpiceJet flights, on other airlines or provided with a full refund. All our scheduled flights from Dubai are now operating as planned."

DGCA places Spicejet under enhanced surveillance after conducting special audit

Low cost carrier <keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword> is said to be in active discussion with a <keyword id="859863" type="General" weightage="50" keywordseo="middle-eastern" source="Orion">Middle Eastern</keyword> carrier for a possible stake sale. SpiceJet promoter <keyword id="6357826" type="General" weightage="50" keywordseo="ajay-singh" source="Orion">Ajay Singh</keyword> holds a stake of around 60 per cent in the budget carrier. Sources said a big Middle Eastern airline has expressed interest to pick a 24 per cent stake and a board seat in SpiceJet. A big Indian business conglomerate has also approached Singh for a stake in the airline. Reacting to the development, a <keyword id="1002649" type="General" weightage="50" keywordseo="spicejet-spokesperson" source="Orion">SpiceJet Spokesperson</keyword> said, "The company continues to be in discussions with various investors to secure sustainable financing and will make appropriate disclosures in accordance with applicable regulations." Earlier, on Tuesday, SpiceJet said that it entered into a full and final settlement with the <keyword id="54875" type="General" weightage="50" keywordseo="airports-authority-of-india" source="Orion">Airports Authority of India</keyword> (<keyword id="47439" type="General" weightage="50" keywordseo="aai" source="Orion">AAI</keyword>) and has cleared all outstanding principal dues of the airport operator. With this, SpiceJet will no longer remain on 'cash and carry' at AAI run airports across the country and will revert to advance payment mechanism for daily flight operations. SpiceJet's ability to clear the pending dues reflects the airline's improved cash flow in recent times. SpiceJet's domestic network covers the length and breadth of the country with the airline operating to 51 domestic destinations. <keyword id="16140" type="General" weightage="50" keywordseo="pioneer" source="Orion">Pioneer</keyword> of the regional connectivity scheme, SpiceJet is the country's largest regional player helping connect the remotest parts of the country by air. The airline's focus on providing direct flight connectivity to regional hubs not only ensures better connectivity, it also has a cascading effect on tourism and economic activity in the region. SpiceJet has added multiple <keyword id="6366656" type="General" weightage="50" keywordseo="udan" source="Orion">UDAN</keyword> destinations to the country's aviation map including Pakyong, Jharsuguda, Kandla, Darbhanga, Kanpur, Ajmer (<keyword id="194159" type="General" weightage="50" keywordseo="kishangarh" source="Orion">Kishangarh</keyword>), among others. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/sun-pharma-chairperson-israel-makov-to-retire-on-august-29/articleshow/93314360.cms">Sun Pharma Chairperson Israel Makov to retire on August 29</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/surgeons-use-virtual-reality-to-separate-twins-with-conjoined-heads-in-a-27-hour-long-surgery/articleshow/93314424.cms">Surgeons use virtual reality to separate twins with conjoined heads in a 27-hour-long surgery</a>

SpiceJet in active discussion with Middle Eastern carrier for a possible stake sale

<keyword id="6358032" type="DOMAIN" weightage="100" keywordseo="spicejet" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="spicejet" meta.entityname="Spicejet Ltd." meta.entityid="7876" meta.seoname="spicejet-ltd">SpiceJet</keyword> 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 (<keyword id="6355809" type="General" weightage="20" keywordseo="nclt" source="Orion">NCLT</keyword>) 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 <keyword id="2632765" type="General" weightage="20" keywordseo="aircastle" source="Orion">Aircastle</keyword> (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 discussions with their senior leadership team for the same," the spokesperson said in a statement. Further, the airline spokesperson said the comments provided here are without prejudice to the airline's rights and in no way should be deemed as admission of any liabilities. Shares of SpiceJet declined 2 per cent to close at Rs 31.93 apiece on the BSE on Friday. According to the NCLT website, two more petitions for insolvency resolution proceedings against SpiceJet are pending. The plea by Willis Lease Finance Corporation was filed on April 12 and the one by Acres <keyword id="1434432" type="DOMAIN" weightage="20" keywordseo="buildwell" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="buildwell" meta.entityname="Ansal Buildwell Ltd." meta.entityid="11966" meta.seoname="ansal-buildwell-ltd">Buildwell</keyword> Private Ltd was filed on February 4. There was no immediate comment from SpiceJet on the two petitions. In February, SpiceJet announced that Carlyle Aviation Partners will acquire a 7.5 per cent stake in the airline by converting outstanding dues as well as snap up shareholding in the cargo business, a move that will help the airline reduce its debt by USD 100 million. The NCLT on Thursday reserved its order on Go First petition after nearly a four-hour long hearing where aircraft lessors vehemently opposed the airline's plea. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-nifty50-tumble-over-1-on-sell-off-in-hdfc-twins/articleshow/100013793.cms">Sensex, Nifty50 tumble over 1% on sell-off in HDFC twins</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/the-vivo-zeiss-story-how-a-covid-time-collab-led-to-the-creation-of-the-x90-series/articleshow/100013619.cms">The Vivo-Zeiss story: How a Covid-time collab led to the creation of the X90 series</a>

NCLT to hear insolvency proceedings plea filed against SpiceJet next week

Low-cost carrier <keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword> has entered into a full and final settlement with the <keyword id="54875" type="General" weightage="50" keywordseo="airports-authority-of-india" source="Orion">Airports Authority of India</keyword> (<keyword id="47439" type="General" weightage="80" keywordseo="aai" source="Orion">AAI</keyword>) and cleared all outstanding principal dues of the airport operator. With this, SpiceJet will no longer remain on "cash and carry" at AAI-run airports across the country and revert to advance payment mechanism for daily flight operations. According to the airline's spokesperson, SpiceJet's ability to clear the pending dues reflects the airline's improved cash flow in recent times. "In another big boost for the airline, AAI will release SpiceJet's Rs 50 crore bank guarantee following the airline clearing all its principal dues. This will result in additional liquidity for the airline," said the airline. SpiceJet has flown with the highest passenger load factor in the Indian skies for a record seven years. Starting April 2015, the airlines has recorded the highest occupancy among all Indian domestic airlines - a feat unparalleled in global aviation. The airline also holds the envious distinction of having flown with a Passenger Load Factor (PLF) of more than 90 per cent for a record 58 consecutive months. The airline's domestic network covers the length and breadth of the country with it operating to 51 domestic destinations. Pioneer of the regional connectivity scheme, SpiceJet is the country's largest regional player helping connect the remotest parts of the country by air. The airline's focus on providing direct flight connectivity to regional hubs not only ensures better connectivity, it also has a cascading effect on tourism and economic activity in the region. SpiceJet has added multiple <keyword id="6366656" type="General" weightage="50" keywordseo="udan" source="Orion">UDAN</keyword> destinations to the country's aviation map including Pakyong, Jharsuguda, Kandla, Darbhanga, Kanpur, Ajmer (Kishangarh), among others. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/top-10-cars-sold-in-india-in-july-2022-maruti-suzuki-tata-and-hyundai-brand-in-only-top-10/slidelist/93289907.cms">Top cars sold in India in July 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/air-india-to-extend-the-flying-age-of-its-pilots-to-65/articleshow/93288865.cms">Air India to extend the flying age of its pilots to 65</a>

Spicejet clears all outstanding principal dues of AAI

Budget carrier <keyword id="6358032" type="General" weightage="20" keywordseo="spicejet" source="Orion">SpiceJet</keyword> on Thursday said it has reached an in-principle commercial settlement with Credit Suisse. The dispute was about the payment of $24 million by SpiceJet to Credit Suisse. It had emanated out of an old service contract which was executed in 2011, which was later discovered to be lacking certain approvals leading to the dispute between the two parties. At the request of both parties, the Supreme Court on January 28, 2022 stayed the Madras High Court order against SpiceJet to facilitate settlement. The airline said that the documentation process of the settlement terms is underway. Notably, the process involves payment of the settlement amount by SpiceJet to Credit Suisse over a mutually agreed period of time. "The settlement with Credit Suisse follows SpiceJet's successful settlements with De Havilland Aircraft of Canada Limited (DHC), Boeing, aircraft lessors CDB Aviation and Avolon," the airline said in a statement. "SpiceJet had already deposited $5 million on the direction of the Hon'ble Madras High Court in the Credit Suisse case and there is no adverse financial liability on the company." SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/finance/banks/news/axis-bank-may-soon-become-the-third-largest-credit-card-player-after-hdfc-bank-and-sbi-post-the-citibank-deal/articleshow/90563751.cms">Axis Bank may soon become the third largest credit card player after HDFC Bank and SBI post the Citibank deal</a> <a href="https://www.businessinsider.in/business/news/mukesh-ambani-and-gautam-adanis-net-worth-is-now-more-than-100-billion/articleshow/90564692.cms">Mukesh Ambani and Gautam Adani are now worth more than $100 billion</a> <a href="https://www.businessinsider.in/tech/news/dysons-new-headphones-with-an-air-purifier-bank-on-peoples-masking-habits/articleshow/90561834.cms">Dyson's new headphones with an air purifier bank on people’s masking habits</a>

SpiceJet settles $24 million financial dispute with Credit Suisse

<keyword id="144015" type="General" weightage="20" keywordseo="kalanithi-maran" source="Orion">Kalanithi Maran</keyword> and <keyword id="169847" type="General" weightage="20" keywordseo="kal-airways" source="Orion">KAL Airways</keyword> informed the Supreme Court on Monday that <keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword>'s offer of ₹600 crore towards full and final settlement of the share transfer dispute was not acceptable. Senior advocate Maninder Singh, representing KAL Airways, submitted before a bench headed by Chief Justice N.V. Ramana that it was not possible for his clients to consider the offer proposed by SpiceJet airlines. The bench, also comprising Justices A.S. Bopanna and Hima Kohli, inquired further whether none of the two offers proposed by SpiceJet was acceptable. Singh replied in the negative and added that as per the arbitral award SpiceJet has to pay them ₹920 crore. Singh also submitted that he could take the court through the calculations as per the arbitral award from the pleadings itself in support of the arguments. He also submitted that the matter may be listed for arguments on the next date of hearing. Senior advocate Mukul Rohatgi, representing SpiceJet airlines, urged the bench to hear the matter within 2 weeks. Singh was assisted by advocates from Karanjawala &amp; Co. After hearing arguments, the top court has scheduled the matter for further hearing on March 2. On February 10, the Supreme Court asked Kalanithi <keyword id="44006" type="General" weightage="80" keywordseo="maran" source="Orion">Maran</keyword>, the former promoter of SpiceJet, to consider the full and final settlement offer made by SpiceJet to end the dispute in a share transfer matter. In a statement SpiceJet, after the hearing in the top court, said: "SpiceJet has offered to pay ₹600 crore in cash in the share transfer case with its former promoter Kalanithi Maran and his firm KAL Airways for a full and final settlement of all disputes. Out of the principal amount of ₹578 crore awarded in arbitration, SpiceJet has already paid ₹308 crore in cash and deposited a bank guarantee of ₹270 crore." SpiceJet's counsel had proposed to pay the bank guarantee equivalent amount of ₹270 crore in cash and top it up with additional ₹22 crore aggregating the total pay-out to ₹600 crore as full and final settlement of all disputes between the parties. Maran and his firm, KAL Airways, had urged the top court to lift the stay on a Delhi High Court order asking the low-cost airline to deposit ₹243 crore as interest on the amount of ₹579 crore in the dispute. In November 2020, the top court stayed the high court order. Maran sought the stay to be lifted to secure the decreed amount -- refund amount awarded and interest -- from SpiceJet. Singh had argued that the high court had asked them to pay the decretal amount and against which SpiceJet had deposited only ₹270 crore as bank guarantee and now there is a winding up order passed against SpiceJet by the Madras High Court in another case being Credit Suisse AG Vs SpiceJet. He added that in such a change in circumstance, SpiceJet should be directed to pay and deposit ₹242 crore otherwise his client will have to run from pillar to post. Karanjawala &amp; Co. in a statement said the top court proposed two offers to Maran and KAL Airways that SpiceJet will give ₹300 crore towards full and final settlement of the dispute and the matter finally gets settled and no further litigation. Second, out of the bank guarantee of ₹270 crore deposited with HC, SpiceJet will give ₹100 crore for now and the order will be passed by the top court to hear petitions, which are pending before the high court expeditiously. The top court asked Singh to discuss the settlement with his client. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sbi-and-icici-bank-lost-over-10000-crore-to-abg-shipyard-bank-fraud/articleshow/89559899.cms">SBI and ICICI Bank investors pay the price for the nearly ₹10,000 crore lost to the biggest bank fraud ever in India</a>

Kalanithi Maran and KAL Airways reject SpiceJet's ₹600 crore settlement offer

New Delhi, <keyword id="9792929" type="UNKNOWN" weightage="20" keywordseo="airline-major-spicejet">Airline major SpiceJet</keyword> on Friday said that its <keyword id="1685893" type="PERSON" weightage="20" keywordseo="seaplane-operations">seaplane operations</keyword> will restart from December 27 after they were temporarily suspended due to <keyword id="10455530" type="UNKNOWN" weightage="20" keywordseo="mandatory-aircraft-maintenance">mandatory aircraft maintenance</keyword>. In October, the airline company had launched a seaplane service between Ahmedabad (Sabarmati riverfront) and the Statue of Unity in Kevadia, Gujarat. The <keyword id="871581" type="PERSON" weightage="20" keywordseo="flight-service">flight service</keyword> is operated by <keyword id="6358032" type="DOMAIN" weightage="20" keywordseo="SpiceJet">SpiceJet</keyword>'s fully-owned subsidiary, Spice Shuttle, and a 15-seater Twin Otter 300 aircraft has been deployed for these flights. "<keyword id="10455120" type="COMPANY" weightage="20" keywordseo="spiceshuttle">SpiceShuttle</keyword>, the fully-owned subsidiary of SpiceJet, will resume its seaplane operations between Ahmedabad's Sabarmati Riverfront and Kevadia's Statue of Unity from December 27, 2020 with two daily flights on the route," a SpiceJet spokesperson said. "Bookings of the seaplane service for the passengers will open from December 20, 2020." SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/heres-what-analysts-say-if-you-should-subscribe-or-not-to-the-300-crore-ipo-of-antony-waste-handling-cell/articleshow/79790998.cms">Antony Waste Handling Cell ₹300-crore IPO will open on Monday— these are the risks and opportunities</a> <a href="https://www.businessinsider.in/business/news/ikea-india-cfo-says-she-still-has-3500-crore-to-be-spent-in-india-the-pandemic-has-changed-targets-but-not-the-investment-plan/articleshow/79790938.cms">INTERVIEW: Ikea CFO says she still has ₹3,500 crore to be spent in India⁠— the pandemic has changed targets but not the investment plan</a> <a href="https://www.businessinsider.in/science/health/news/india-will-produce-300-million-doses-of-the-russian-sputnik-v-covid-19-vaccine-next-year/articleshow/79795341.cms">India will produce 300 million doses of the Russian Sputnik V COVID-19 vaccine next year</a>

You Searched For "SpiceJet" and got 7 results

DGCA places Spicejet under enhanced surveillance after conducting special audit

ANI

SpiceJet in active discussion with Middle Eastern carrier for a possible stake sale

IANS

NCLT to hear insolvency proceedings plea filed against SpiceJet next week

PTI

Spicejet clears all outstanding principal dues of AAI

IANS

SpiceJet settles $24 million financial dispute with Credit Suisse

IANS

Kalanithi Maran and KAL Airways reject SpiceJet's ₹600 crore settlement offer

IANS

SpiceJet to resume seaplane services from December 27

IANS

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