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<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

Budget carrier SpiceJet on Monday said its subsidiary <keyword id="6866514" type="General" weightage="20" keywordseo="SpiceXpress" source="Orion">SpiceXpress</keyword> 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 &amp; 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 and expand and provide a more streamlined and efficient service to its customers. SRAM &amp; MRAM Group has interests in agricultural and agro-food products, neural networks, artificial intelligence, hedge fund management, hospitality services and solutions, media and publishing, among other areas. So far this month, lessors have sought deregistration of five SpiceJet planes, a development that also comes against the backdrop of crisis-hit rival Go First shuttering operations and going for resolution proceedings under the insolvency law. SpiceJet stock was trading at Rs 30.27, up 2.33 per cent on BSE. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/fii-inflows-may-remain-consistent-in-may-with-turn-in-rate-cycle/articleshow/100234813.cms">FII inflows may remain consistent in May with turn in rate cycle</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-motors-posts-net-profit-of-5408-crore-in-q4-beats-estimates/articleshow/100189259.cms">Tata Motors posts net profit of ₹5,408 crore in Q4, beats estimates</a>

SpiceJet subsidiary SpiceXpress to get USD 100 mn from UK group

<keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword> CEO <keyword id="6357826" type="General" weightage="80" keywordseo="ajay-singh" source="Orion">Ajay Singh</keyword> 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 has also led to difficulties for airlines as is evident for all to see. He observed that more rational airfares are required in the country and hoped that the fares will be more rational in the times to come. Speaking to reporters on the sidelines of an Assocham event, Singh, who is also the President of the industry body, said it was "Not at all likely" that the aviation sector will be affected by one airline going down. "You will see that the number as on April 30, we had 4,50,000 people who travelled by air, that was a record number. At no time in the past has <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> seen such a record number of people travelling by air and you will see the numbers bounce back really really quickly," he said. Asked how he looks at the development in the aviation sector (of an airline going down), he said: "It is of course extremely unfortunate but hopefully Go First can use this opportunity to resolve their issues and the sector at large can use this opportunity to resolve their issues and emerge even stronger". On SpiceJet's plan to add 25 aircraft to its fleet, he said: "During <keyword id="8764262" type="General" weightage="50" keywordseo="covid" source="Orion">Covid</keyword>, several of our aircraft had gone down and with increase in demand, we want to revive all those aircraft and there are so many small stations that have been left unconnected or less connected as a consequence of the problems that occurred during Covid. We hope to bring back all those flights and increase frequency to several destinations around the world". Budget carrier SpiceJet on Wednesday said it is working to revive 25 grounded planes and has so far mobilised Rs 400 crore for revival of these aircraft. The announcement came a day after competitor Go First filed for voluntary insolvency resolution proceedings and decided to cancel flights for three days starting May 3. In a statement, SpiceJet said funds for the revival of the 25 aircraft will be drawn from the government's Emergency <keyword id="9331772" type="General" weightage="50" keywordseo="credit-line-guarantee-scheme" source="Orion">Credit Line Guarantee Scheme</keyword> (ECLGS) and better cash accruals. The airline has around 80 planes in its fleet and is looking to revive 25 grounded Boeing 737 and Q400 aircraft. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/ajay-banga-as-world-bank-president-adds-to-success-stories-of-the-indian-americans-usispf/articleshow/99984193.cms">Ajay Banga as World Bank President adds to success stories of the Indian Americans: USISPF</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/arcelormittal-q1-net-income-falls-over-73-to-usd-1096-mn/articleshow/99983996.cms">ArcelorMittal Q1 net income falls over 73% to USD 1,096 mn</a>

Rise in airfares due to Go First's bankruptcy is temporary says SpiceJet CEO

New Delhi, Mar 12 () Airline stocks faced heavy headwinds on Thursday as concerns over enhanced travel restrictions amid spreading of coronavirus infections rattled investor sentiment. Shares of IndiGo, SpiceJet and the defunct Jet Airways were deep in the red in the morning trade, with SpiceJet slumping over 18 per cent. The broader market crashed as the benchmark 30-share Sensex plunged over 2,000 points. InterGlobe Aviation, the parent of the country's largest airline IndiGo tumbled 10 per cent to Rs 1,039.35 apieice, a day after it said that quarterly earnings would be hit due to fall in daily bookings amid the coronavirus outbreak. SpiceJet dropped over 18 per cent to Rs 49.40 while Jet Airways fell nearly 5 per cent to Rs 18.95. Uncertainty over the outcome of the ongoing insolvency process and reports of bidders not being interested in Jet Airways added to the negative sentiments. Equities and crude oil prices plummeted again on Thursday after US President Donald Trump banned all travel from Europe to the US for a month to fight the coronavirus, ramping up fears of a global economic recession.The news came after the World Health Organization officially labelled the outbreak a pandemic and hit out at "alarming levels of inaction" for its spread. RAM ANSANS

Airline shares tumble as global travel restrictions hit investor sentiment

<ul><li>The stocks of the grounded airline <keyword id="6358200" type="ORGANIZATION" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> have more than quadrupled investors' wealth since September 30 after a massive rally.</li><li>Murari Lal Jalan of the Jalan-Kalrock consortium said that they expect to restart the defunct airline's operations in four to six months after receiving approval from the NCLT.</li><li>In an interview, the new promoters said the company would retain the 'Jet Airways' brand and keep the airline public.</li></ul>The grounded airline Jet Airways’ stocks have more than quadrupled investors' wealth since September 30 after a massive rally. The 308% jump in its shares in just four months has made investors curious despite the airline being grounded after incurring heavy losses, the airline stock has been able to woo people to fuel up its share price. <div type="image" title="Jet share price (1)" msid="81154639" hostid="261"></div> Meanwhile, the stock was today locked in an upper circuit when the broader market plummeted by over 1100 points, and its listed peers IndiGo, SpiceJet were down 4% and 3%, respectively, amid weak global cues. <div type="Article" hostid="261" msid="81150110" title="One in every five rupees lent by SBI to individuals, goes to government employees" mstype="2" mssubtype="0"></div> Here's what made the investors cheers despite an overall selloff: The new owner is in a hurry to take the airline airborne with 25 aircrafts Murari Lal Jalan of the Jalan-Kalrock consortium told PTI that they expect to restart the defunct airline's operations in four to six months after receiving approval from the National Company Law Tribunal (NCLT) for its resolution plan. Earlier in December last year, Jalan said that it plans to operationalise Jet Airways by the summer of 2021, subject to certain conditions. The NCLT likely to take a final call on the airline's resolution plan, the winning consortium's lead member Murari Lala Jalan told that "everything is on track" as far as the revival efforts for the carrier are concerned. Stressing that he is very positive about the Indian aviation sector, the new owner of Jet Airways said that initially, the airline would resume flying with around 25 aircraft. "We are very hopeful that it (NCLT nod) will come," he said, adding that a delay of one or two months here and there would not make a difference for such a big thing as reviving the airline. The company plans to remain public In another interview, the new promoters said the company will retain the 'Jet Airways' brand and will keep the airline public. "We will definitely continue the way it was. Jet will remain a full-service offering...The name of the airline will also remain unchanged, Jalan told <a href="https://www.livemint.com/companies/news/jet-to-remain-public-restart-with-25-planes-11613953029156.html">LiveMint</a>. Jalan further added that the company also has plans to rehire some of the old employees. "Jet's former staff are assets and we will definitely want to look after them. We will do whatever is possible and whatever is practical. They are human capital, and experienced professionals, who we are looking forward to working with," he added. All plans in place While there has been a curiosity that even if the airline can cope with the delays of NCLT and other paperwork, will it be able to secure its slots? Jalan, in its interview, made it clear that the airline will get its slots back. "We are very optimistic. We have been assured by the ministry (of civil aviation) that whatever slot is required will be made available. Also, a lot more slots are available now than what a year ago. I don't foresee any problem with slots," said Jalan. The company also plans to keep Delhi, Mumbai, and Bengaluru as its hub like before. The revival plan proposes to support Tier-2 and Tier-3 cities by creating sub-hubs in such cities. Likely turbulence that investors should not ignore Jet Airways, the once-storied full-service carrier, was grounded in early 2019 and subsequently is undergoing proceedings under the Insolvency and Bankruptcy Code (IBC). This despite the tribunal itself classifying the case as one of national importance, there were no hearings at the NCLT between October last year and early February. The law mandates that the corporate insolvency resolutions process (CIRP) to be finished within 330 days after proceeding. However, in the case of Jet, the process has crossed over 530 days. SEE ALSO:<a href="https://www.businessinsider.in/politics/india/news/puducherry-government-falls-as-chief-minister-v-narayanasamy-loses-trust-vote-in-assembly/articleshow/81148119.cms">Puducherry Chief Minister V Narayanasamy resigns after Congress-led govt loses majority</a><a href="https://www.businessinsider.in/politics/india/news/puducherry-government-falls-as-chief-minister-v-narayanasamy-loses-trust-vote-in-assembly/articleshow/81148119.cms"></a> <a href="https://www.businessinsider.in/careers/news/deutsche-bank-plans-to-hire-1000-freshers-in-india-as-it-looks-to-build-core-technologies-in-house/articleshow/81147886.cms">INTERVIEW: Deutsche Bank plans to hire 1,000 freshers in India as it looks to build core technologies in-house</a>

This defunct airline’s stock has grown four times in just over 4 months — here's why

Mumbai, Dec 31 () Non-revival of Jet Airways, coupled with grounding of the Boeing 737 Max planes, is expected to drag down domestic passenger growth to 3-4 per cent in 2019-20 as against 14 per cent in the previous financial year, rating agency Crisil said on Tuesday.
 The domestic traffic data in the April-September period, during which the passenger volume grew a mere 2 per cent, also reflects this estimate, rating agency said in its aviation outlook note.
 On a calendar year basis, the domestic air traffic grew only 3.86 per cent in the January-November period of this year, way below an 18.60 per cent growth recorded in the January-December period of 2018.
 "Crisil expects domestic air passenger traffic growth in India to slow to 3-4 per cent in fiscal 2020 from 14 per cent in fiscal 2019, considering the non-revival of Jet Airways and grounding of Boeing 737 Max aircraft," Hetal Gandhi, director at Crisil Research, stated in the outlook note.
 This was also reflected in the data for the first half of 2019-20 where domestic passenger traffic growth was a mere 2 per cent, she added.
 Jet Airways, which is currently under insolvency proceedings, ceased operations in April after lenders refused further capital injection in the carrier amid a debt of Rs 8,500 crore.
 Moreover, the global ban on Boeing 737 MAX aircraft following two deadly accidents dealt a blow to many airlines world over, including SpiceJet, which has chalked out its growth plan around these latest fuel-efficient single-aisle planes.
 In March 2019, aviation regulators, including the DGCA, banned Boeing 737 MAX aircraft after two of these planes met with accidents within a span of five months, killing around 350 people, allegedly due to faulty software systems.
 SpiceJet had to ground all its 13 737 MAX planes in the fleet in March.
 Boeing has already announced to temporarily suspend these jets from next month as safety regulators delay the aircraft's return to the skies.
 Gandhi said Ebitdar (earnings before interest, tax, depreciation, amortisation and lease rentals) margins of the industry in the current financial year are expected to improve by at least 600 basis points compared with fiscal 2019 levels, led by firmer fares, soft crude oil prices and a cut in excise duty on aviation turbine fuel. IAS HRS

You Searched For "spicejet insolvency" and got 6 results

NCLT to hear insolvency proceedings plea filed against SpiceJet next week

PTI

SpiceJet subsidiary SpiceXpress to get USD 100 mn from UK group

PTI

Rise in airfares due to Go First's bankruptcy is temporary says SpiceJet CEO

PTI

Airline shares tumble as global travel restrictions hit investor sentiment

PTI

This defunct airline’s stock has grown four times in just over 4 months — here's why

Navdeep Yadav

Boeing 737 Max grounding, non-revival of Jet may drag down passenger growth to 4 pc in FY20: Crisil

PTI

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