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<ul><li>The DGCA found no major significant safety violations in the <keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword> aircrafts.</li><li>It asked the airline to rectify the malfunctions in 10 of its aircraft and now all these aircraft are back in operation.</li><li>The regulator had issued a notice to SpiceJet after it reported 8 safety incidents in the span of just 18 days.</li></ul>The aviation safety regulator Directorate General of Civil Aviation (DGCA) didn’t find “any major significant finding or safety violation,” when it carried out spot checks of SpiceJet aircraft after a series of air safety incidents were reported over the last two months, the aviation ministry said in the Parliament on July 25. “A series of spot checks were carried out recently on all operating aircraft of M/s Spicejet from 9th July 2022 to 13th July 2022. A total of 53 spot checks were carried out on 48 aircraft, which did not find any major significant finding or safety violation,” the aviation ministry told Rajya Sabha in a reply to a question. The DGCA asked the airlines to rectify the malfunctions in 10 of its aircraft and now all these aircraft are back in operation, the ministry added. The ministry further informed the Parliament that it had also carried out the regulatory audit of three scheduled airlines, including SpiceJet, as per published Annual Surveillance Programme (ASP) 2022. The ministry also clarified that in the SpiceJet flight that was diverted to Karachi on July 5, the crew did not declare an emergency nor was there any fuel leak in the aircraft. “Cabin crew did not declare an emergency. Post-landing check and inspection at Karachi did not reveal fuel leak,” the ministry said. “I am happy that the findings of the various checks carried out by the DGCA on our fleet have been made public by the government. I am glad that these findings and assessment are of none other than the DGCA, India’s top-most aviation safety agency and regulator,” said Ajay Singh, chairman and managing director of SpiceJet. The regulator had issued a notice to SpiceJet after it reported 8 safety incidents in the span of just 18 days. “Passenger safety is paramount. Even the smallest error hindering safety will be thoroughly investigated and course-corrected,” Union Minister of Civil Aviation Jyotiraditya Scindia had said in a tweet in June. The carrier has around 13% market share in India’s aviation sector, in terms of passengers carried. The safety issues took a toll on SpiceJet. In May, the airline came in second in terms of flight cancellations, according to a report by DGCA. SpiceJet also topped the list of airlines whose services are the most unsatisfactory, followed by Indigo, according to a recent LocalCircles survey. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/our-groups-combined-market-cap-exceeds-200-billion-says-gautam-adani/articleshow/93130894.cms">Our group's combined market cap exceeds $200 billion, says Gautam Adani</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/indian-company-rolls-out-rt-pcr-test-kit-for-monkeypox/articleshow/93130578.cms">Indian company rolls out RT PCR test kit for Monkeypox</a>

DGCA gives clean chit to SpiceJet, says no safety violation found

New Delhi, India's low-cost carrier <keyword id="6358032" type="General" weightage="20" keywordseo="SpiceJet" source="Orion">SpiceJet</keyword> has reportedly not deposited money into the pension funds of its employees for at least 6 to 8 months, a source said. However, a SpiceJet spokesperson told IANS said that the process has already been initiated by the company. "There was a certain deferral in PF but we will be depositing a substantial amount soon and salary disbursement is on time. We are also doing all settlements on time. Everything will be cleared soon. We are hopeful," said the spokesperson. "We are submitting PF together in three to four months and soon it will be cleared," he added. This week on Monday, SpiceJet announced a notable turnaround in its financials for the first quarter, driven by reduced costs which outweighed a decline in revenue. The airline revealed a consolidated net profit of Rs 197.64 crore for the quarter ending June 30. This marked a significant shift from the net loss of Rs 783.72 crore recorded during the corresponding period in the previous year. The impressive upswing in profitability was primarily attributed to a substantial 36 per cent reduction in total expenses for the mentioned quarter, amounting to Rs 2,069.24 crore. However, on Thursday, the Delhi High Court asked low-cost airline SpiceJet and its Chairman and Managing Director (CMD) to pay Rs 100 crore to Kal Airways and its promoter Kalanithi Maran by September 10, failing which the court may consider the attachement of their properties. Appearing for Maran and Kal Airways, senior advocate Maninder Singh submitted that the judgement debtor -- SpiceJet and CMD -- had to file the affidavit of assets and weekly collection within one week which they have failed to file on time and the same has not been filed in a format mandated by this court. On August 9, the court had issued notice on Kal Airways and Maran's application seeking 50 per cent of the daily revenue collection of SpiceJet to be paid to them on a weekly basis. During the hearing on Thursday, Singh further submitted that the order dated February 13 and July 7, passed by the Supreme Court is pre-emptive, conditional and self-operative which has not been complied with till date. Additionally, he submitted that the affidavit filed by the CMD has been filed under sealed cover which has not been served to the decree holders -- Kal Airways and Maran. On the other hand, senior advocate Amit Sibal submitted that the amount calculated by them stood upto Rs 279 crore and not Rs 397 crore, as argued by advocate Singh. He further made an offer to deposit Rs 75 crore within 10 days to which advocate Singh objected and said that they had to pay this amount in April but has not paid till date.

'SpiceJet didn't deposit money into pension funds for months'

<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

SpiceJet Ltd on Monday said it has hived off its cargo and logistics business <keyword id="6866514" type="General" weightage="20" keywordseo="SpiceXpress" source="Orion">SpiceXpress</keyword> into a separate entity -- SpiceXpress and Logistics Pvt Ltd, from April 1. The move results in a one-time gain of Rs 2,555.77 crore for SpiceJet, substantially reducing its negative net worth, the company said. It also paves the way for SpiceXpress to raise funds independently, SpiceJet said. The decision to hive off SpiceXpress is in sync with the company's long-term business plan and will unlock significant valuation of the logistic business, SpiceJet Ltd Chairman Ajay Singh said. Singh further said "the separation of our cargo and logistics arm is a stepping stone in our growth story which shall unfold in the times to come". SpiceXpress reported a net profit of Rs 51.4 crore for the April-December period of FY23. "In a bid to boost the growth of its cargo business and provide a more streamlined and efficient service to its customers, SpiceJet Ltd has completed the hive off of its cargo and logistics division 'SpiceXpress' into a separate entity, SpiceXpress and Logistics Private Limited," the company said. The consideration for the slump-sale will be discharged by SpiceXpress by issuance of securities in the combination of equity shares and compulsorily convertible debentures to SpiceJet for an aggregate amount of Rs 2,555.77 crore which will also strengthen the balance sheet of SpiceJet, it said. According to Singh, "SpiceXpress will provide greater and differentiated focus to cargo and logistics business and will allow the possibility of raising capital for the business to accelerate its growth". Both SpiceJet and SpiceXpress have great potential and will complement each other well, he added. He also said that the hive off will not only enable SpiceXpress to raise cash independently, it will significantly reduce SpiceJet's negative net worth. "Having restructured over USD 100 million, outstanding dues to Carlyle Aviation Partner last month, the hive off will further strengthen and deleverage our balance sheet," Singh said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/avalon-technologies-ipo-top-10-points-about-this-electronic/slidelist/99201942.cms">Avalon Technologies IPO opens – 10 things you need to know before you subscribe</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/top-stocks-that-delivered-the-highest-yield-over-one-year/slidelist/99145713.cms">Time to bet on dividend income: Top stocks that delivered the highest yield over one year</a>

SpiceJet hives off cargo & logistics biz into separate entity from Apr 1

<keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword> on Tuesday said its board will meet on Friday to consider options to raise funds as well as to convert certain outstanding liabilities into equity shares of the company. The no-frills airline, which has been grappling with multiple headwinds, including legal woes, is looking to raise fresh capital through issuance of eligible securities to qualified institutional buyers. Besides, the carrier plans to issue equity shares on preferential basis consequent upon conversion of outstanding liabilities into equity shares of the company, subject to applicable regulatory approvals, according to a filing to the <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword>. Both plans will be taken up by the board of directors during its meeting scheduled for February 24. Specific details about the proposals could not be immediately ascertained. In December last year, SpiceJet Chairman and Managing Director <keyword id="6357826" type="General" weightage="50" keywordseo="ajay-singh" source="Orion">Ajay Singh</keyword> told shareholders that the company is engaged with investment bankers to raise up to USD 200 million in order to achieve its future plans. He had also said the increase in the <keyword id="9254513" type="General" weightage="50" keywordseo="emergency-credit-line-guarantee-scheme" source="Orion">Emergency Credit Line Guarantee Scheme</keyword> (ECLGS) to Rs 1,500 crore will go a long way in providing the much-needed stability to the sector. "The infusion of additional funds will help SpiceJet normalise its obligations, unground its fleet and induct new planes into our fleet... we have also completed a series of settlements with most of our major partners including manufacturers and lessors setting the stage for our seamless growth and expansion," he had said. On Tuesday, shares of the airline declined nearly 2 per cent to Rs 37.60 apiece in the afternoon trade on the BSE.

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DGCA gives clean chit to SpiceJet, says no safety violation found

Vaamanaa Sethi

'SpiceJet didn't deposit money into pension funds for months'

IANS

NCLT to hear insolvency proceedings plea filed against SpiceJet next week

PTI

SpiceJet hives off cargo & logistics biz into separate entity from Apr 1

PTI

SpiceJet board will meet to consider fund raising funds, conversion of outstanding liabilities into equity

PTI

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