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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

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="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

<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.

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

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

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

<keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword>, which is facing headwinds, on Wednesday reported widening of net loss to Rs 789 crore in the June quarter as high fuel prices and rupee depreciation adversely impacted the budget carrier. Amid the financial turmoil, the airline plans to raise USD 200 million, which is around Rs 1,600 crore at current exchange rates and expects to complete the hiving-off of its profitable cargo business into a separate company in the current quarter. In continuing woes for the carrier, aviation watchdog DGCA on Wednesday deregistered two more <keyword id="6357957" type="General" weightage="50" keywordseo="boeing" source="Orion">Boeing</keyword> 737 planes of SpiceJet, following non-payment of dues to lessors. With the latest deregistration, a total of six Boeing 737 aircraft of the budget carrier have been deregistered in August. The crisis-hit airline has also delayed payment of salaries to staff for the second straight month. However, SpiceJet said it has started crediting salaries from today and like the previous month, "salary will be credited in a graded format". Moreover, in the independent auditor's review report of the airline's latest quarterly results, it has been mentioned that there are indications of material uncertainties "that may cast significant doubt about the group's ability to continue as a going concern". On Wednesday, the airline also said that its Chief Financial Officer Sanjeev Taneja has resigned. The low-cost carrier had a net loss of Rs 729 crore in the quarter ended June 2021. In the latest June quarter, the net loss is Rs 420 crore, excluding forex adjustment. "Total revenue for the reported quarter was Rs 2,478 crore as against Rs 1,266 crore, a year-on-year growth of 126 per cent, in the same quarter of the previous year," the airline said in a release. The airline, which had delayed its March quarter and FY2022 earnings, saw its net loss widen to Rs 458 crore in the 2022 March quarter from Rs 235.3 crore in the year-ago period. For the full fiscal year 2021-22, the net loss surged 73 per cent to Rs 1,725 crore from Rs 998.30 crore in the comparable period. According to the airline, business was severely impacted by the third wave of the coronavirus pandemic and high fuel prices in the March quarter. SpiceJet Chairman and Managing Director <keyword id="6357826" type="General" weightage="50" keywordseo="ajay-singh" source="Orion">Ajay Singh</keyword> said the industry has been witness to one of the most severe operating environment in the recent past, which impacted the progress and recovery made in the third quarter of FY2022. In the June quarter, jet fuel prices rose 105 per cent on a year-on-year basis and 40 per cent on a sequential basis, the airline said. "We are optimistic about our future and our continued recovery and in order to achieve our future plans, the board has mandated fresh capital issuance and the company will be shortly engaging with investment bankers for a potential raise of up to USD 200 million," he said. The airline's cargo arm <keyword id="6866514" type="General" weightage="50" keywordseo="spicexpress" source="Orion">SpiceXpress</keyword> was in black during the first quarter of the current fiscal. It reported a net profit of Rs 18 crore. Cargo revenues rose 74 per cent to Rs 1,944 crore in FY2022. "We will soon conclude the hive-off of cargo business into a separate independent company, SpiceXpress in the current quarter which will be followed by capacity enhancement with additional freighter aircraft within FY2023," Singh said. Meanwhile, certain concerns have been flagged in the independent auditor report of the company's quarterly results. "... the group has an incurred net loss (after other comprehensive income) of Rs 7,827.82 million during the quarter ended 30 June 2022 and, as of that date, the group's accumulated losses amounts to Rs 67,471.11 million, which have resulted in complete erosion of its net worth and the current liabilities have exceeded its current assets by Rs 67,719.67 million as at 30 June 2022," it said. According to the report, these conditions and other matters indicate the existence of a material uncertainties that may cast significant doubt about the Group's ability to continue as a going concern. Singh said that despite the complex operating environment and highest-ever input costs, SpiceJet has been able to sustain its operations. "Last year was a period of restructuring and settlements and we successfully completed and implemented settlements with most of our major partners, including manufacturers and lessors setting the stage for our seamless growth and expansion. "As we move ahead, we are encouraged with the strong travel demand and our focus for the next year would be to induct more fuel-efficient Boeing 737-8 MAX aircraft and concentrate on our regional and international routes," he added. In recent months, SpiceJet has been facing turbulent times, including financial headwinds. In July, the regulator directed the airline to operate only 50 per cent of flights in the wake of many of its planes facing technical issues. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/airfares-may-get-costlier-this-festive-season-as-theres-no-cap-ticket-prices-from-now/articleshow/93917729.cms">Airfares may get costlier this festive season as there's no cap ticket prices from now</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/this-multi-cap-fund-has-survived-the-worst-market-cycles-and-yet-delivered-the-highest-returns/articleshow/93914048.cms">This multi-cap fund has survived the worst market cycles and yet delivered the highest returns</a>

SpiceJet net loss widens to ₹789 crore, CFO resigns

Mumbai, In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement (<keyword id="6356014" type="ORGANIZATION" weightage="20" keywordseo="rtgs">RTGS</keyword>) system, used for large value transactions, will be made available round-the-clock in the next few days. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month. <keyword id="7268643" type="UNKNOWN" weightage="20" keywordseo="rbi-governor-shaktikanta-das">RBI Governor Shaktikanta Das</keyword> said RTGS system will soon be made available 24x7 in the next few days... with this enablement, it is proposed to reduce settlement and default risk in the system by facilitating settlement of AePS, IMPS, NETC, NFS, RuPay, UPI transactions on all days of the week instead of five days earlier." This will make the payment ecosystem more efficient, he added. In order to expand adoption of digital payment in a safe and secure manner, he said, it has been decided to enhance the limits for contactless card transactions and e-mandates for recurring transactions through cards and UPI from ₹2,000 to ₹5,000 from January 1, 2021. This will depend on mandate and discretion of customers, he said. Contactless card transactions and e-mandates on cards (and UPI) for recurring transactions have enhanced customer convenience in general while benefitting from increased use of technology, the statement on <keyword id="10377821" type="COMPANY" weightage="20" keywordseo="developmental-and-regulatory-policies">Developmental and Regulatory Policies</keyword> by the Reserve Bank of India (RBI) said. These are also well-suited to make payments in a safe and secure manner, especially during the current pandemic, it said, adding, the recent instructions on disablement of contactless feature on cards and empowering customers to control the limits on their cards have also brought in added safety for users. Operational instructions will be issued separately. It is to be noted that RBI stopped levying charges on transactions through NEFT and RTGS from July 2019, with an aim to promote digital transactions in the country. RTGS is meant for large-value instantaneous fund transfers, while NEFT is used for fund transfers of up to ₹2 lakh. In order to deepen financial inclusion and protect customers by promoting financial literacy, a community led participatory approach through Centres for Financial Literacy (CFL) was implemented by the RBI through select banks and non-governmental organisations as a pilot project in 2017. It is now proposed to expand the reach of the CFLs from 100 blocks currently to every block in the country in a phased manner by March 2024, he said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-ril-airtel-indigo-spicejet-sbi-bank-of-baroda-vodafone-idea-granules-india-and-others/articleshow/79557810.cms">Top stocks to watch — RIL, Airtel, IndiGo, SpiceJet, SBI, Bank of Baroda, Vodafone-Idea, Granules India, and others</a> <a href="https://www.businessinsider.in/business/corporates/news/ultratech-cements-5477-crore-expansion-plan-is-a-sign-that-birla-is-betting-on-a-faster-economic-recovery/articleshow/79549626.cms">UltraTech Cement's ₹5,477 crore expansion plan is a sign that Birla is betting on a faster economic recovery</a> <a href="https://www.businessinsider.in/tech/news/sbis-mobile-banking-app-is-down-for-the-third-time-in-last-30-days/articleshow/79548953.cms">SBI’s mobile banking app is down for the third time in 30 days — digital services take a hit for the 25th time this year</a>

RTGS fund transfer system will be available 24x7 in the next few days, says RBI

Budget carrier <keyword id="2773653" type="UNKNOWN" weightage="80" keywordseo="SpiceJetBSE">SpiceJetBSE</keyword> -0.92 % today said it is negotiating with its aircraft lessors, who have dragged it into litigation over default on rents, to resolve the issue amicably, a day after the <keyword id="6355014" type="ORGANIZATION" weightage="80" keywordseo="Delhi-High-Court">Delhi High Court</keyword> directed aviation regulator DGCA to deregister the airline's six <keyword id="6357957" type="CITY" weightage="80" keywordseo="Boeing">Boeing</keyword> 737-800s. 
 
The airline has reached in-principle understanding with one of the two lessors already, and is in advanced discussions with the other lessor, SpiceJet said in a statement. 
 In a severe blow to the airline, which is still in the revival process, the Court had yesterday ordered the <keyword id="164112" type="POSITION" weightage="80" keywordseo="Directorate-General">Directorate General</keyword> of Civil Aviation to deregister six of SpiceJet's Boeing 737 planes, following the termination of lease agreements by the leasing companies, <keyword id="2773655" type="UNKNOWN" weightage="80" keywordseo="AWAS-Ireland-Ltd">AWAS Ireland Ltd</keyword> and Wilmington Trust SP Services (Dublin) Ltd. 
 Justice <keyword id="945081" type="PERSON" weightage="80" keywordseo="Rajiv-Shakdher">Rajiv Shakdher</keyword> directed the DGCA to "forthwith" deregister the aircraft saying once the creditors fulfilled the conditions prescribed in Aircraft Rules, the aviation regulator was "mandatorily required to cancel registration". 
 
An airline cannot operate an aircraft once it is deregistered by aviation regulator DGCA. "In parallel with the court proceedings, discussions have been ongoing with the lessors for an amicable settlement. SpiceJet fully expects the matter will be resolved shortly and positively with the lessors, and there will be no grounding of aircraft or disruption of operations," the airline said. 
 The airline said these cases originated when it was in financial crisis in December last year, before change of ownership and infusion of fresh <keyword id="6357455" type="EVENT" weightage="80" keywordseo="Funding">funding</keyword>. The airline, in the statement, also said that it was exploring all legal remedies to safeguard its interest to maintain continuity of operations. 
 
The court had said the petitioner companies, AWAS Ireland Ltd and Wilmington Trust SP Services (Dublin) Ltd, had fulfilled the conditions stipulated in the Rules, and therefore, the DGCA had no discretion in the matter. The court also said it "cannot interdict the process of deregistration on the nebulous ground of equity as it would be contrary to the provisions of the Cape Town Convention and Protocol, to which, India is a party." 
 
The Cape Town Convention provides better protection to aircraft lessors and banks. In the statement, SpiceJet said, "The change of ownership and infusion of fresh funding has assured SpiceJet's future, and our creditors are aware and appreciative that the best outcome for all parties would be a fully revived and healthy airline." 
 As part of the airline's revival plan, the erstwhile promoter Maran family transferred its entire 58.46 holding to new promoter <keyword id="6357826" type="PERSON" weightage="80" keywordseo="Ajay-Singh">Ajay Singh</keyword>, who has already pumped in Rs 500 cr in the so far of the over all Rs 1,500 cr investment commitment. The balance Rs 1,000 cr is expected to be infused in two more tranches of Rs 500 cr each by this month and next month.

Spicejet expects to resolve settlement disputes with lessors
shortly

<keyword id="6358032" type="CITY" weightage="80" keywordseo="SpiceJet">SpiceJet</keyword> today announced a net profit of Rs 22.5 crore for the fourth quarter of the current fiscal year. This comes after it’s successive losses in the last 7 quarters. It had reported Rs. 321.5 crore worth losses the same quarter last year. 
 
A press release from the airlines reads, "The profits include the benefit of renegotiated contracts and settlements, the provisioning for re-delivery expenses, and a net gain on an insurance claim." 
 
The company is currently under its Founder-Director Ajay Singh. Under his leadership the airlines focuses to restore operational reliability and boost revenue figures while focusing on cost-cutting, the release said. 
 
(Image credit: Indiatimes)

SpiceJet above the red mark after 7
quarters. Know more

<a href="http://www.businessinsider.in/searchresult.cms?query=SpiceJet">SpiceJet</a> remained successful for the second consecutive quarter by earning a profit of Rs 71.80 crore in the first quarter (Q1) of the current fiscal over a net loss of Rs 124.1 crore during the same period last year. 
 
This profitable quarter follows a profit of Rs 22.5 crore during the fourth quarter (Q4) of the last fiscal, reported the Economic Times. 
 
The <a href="http://www.businessinsider.in/searchresult.cms?query=Gurgaon">Gurgaon</a>-based company said in a press release: "The airline recorded a load factor of 89.8% for the quarter, the highest in the industry. This load factor reflects an increase of 14.8% over the same period last year. In line with year-on-year capacity reduction of 33% that was driven by fleet reductions in late 2014, the airline's <a href="http://www.businessinsider.in/searchresult.cms?query=revenue+">revenue</a> for the quarter was down 34% relative to same period last year." 
 
Costs for the quarter were down 42% relative to same period last year, primarily due to reduction in capacity. 
 The airline feels that it is on a right path. "This is the second consecutive profitable quarter and I am proud of what we have achieved. But there is still a long way to go. I am confident that the best is still ahead of us," <keyword id="158803" type="COMPANY" weightage="80" keywordseo="SpiceJet-Ltd">SpiceJet Ltd</keyword> Chairman <keyword id="6357826" type="PERSON" weightage="80" keywordseo="Ajay-Singh">Ajay Singh</keyword> was quoted in the release. 
 
The company had announced a net profit of Rs 22.5 crore for the fourth quarter ending March 31, 2014 as compared to a loss of Rs 321.5 crore during the same quarter last year. 
 
The airline also reduced losses during the FY15 fiscal to Rs 687.05 crore from Rs 1,003.24 crore during FY14 due to lower cost of operations on the back of curtailment of schedule and renegotiation of contracts and settlements under its new promoter. 
 
SpiceJet, which had shut operations for a day in December 2014 due to financial problems, got a new promoter under Chairman and Managing Director Ajay Singh, who along with his associates have a 60% stake in SpiceJet. 
 
Singh pumped in about Rs 650 crore since the time he took over the company. It has also cleared Rs 400 crore <a href="http://www.businessinsider.in/searchresult.cms?query=liabilities+">liabilities</a> and Rs 200 crore of bank loans since the time new <a href="http://www.businessinsider.in/searchresult.cms?query=promoters+">promoters</a> have taken over. 
 
(Image: Reuters)

SpiceJet in take-off stage! It books profit of Rs 71.80 crore in Q1

New Delhi, Reliance Capital's (RCAP) expression of interest (EOI) for asset monetisation garnered mega response with 60 bids being received. <keyword id="13222" type="DOMAIN" weightage="20" keywordseo="SBI">SBI</keyword> Life and Apollo are among the 10 new bidders who have submitted expressions of interest for Reliance Capital's assets, taking the total number of bids to 60. December 1 was earlier the deadline for the submission of EOIs. Over 60 different bids have been received with SBI Capital Markets Limited and JM Financial Services Limited, the advisors to the lenders. Later the date for submitting the bids was extended to December 17. Over eight bidders have bid for entire RCAP assets on an as-is-where-is basis. The prominent among them are Oaktree, J.C. Flower and multiple ARCs. For Reliance General Insurance, which is owned 100% by RCAP, there are 18 bidders and prominent among them are, Chryscap, J.C. Flower, Blackstone, KKR, CVC Capital Partners, and Bain Capital. For Reliance Nippon Life Insurance, in which RCAP owns 51% controlling stake, has received 16 bids, including Bain Capital, NIIF, Arpwood Partners, Dabur Investments, Bandhan Bank, and <keyword id="884924" type="COMPANY" weightage="20" keywordseo="Multiples-Asset-Management">Multiples Asset Management</keyword> among others. For Reliance Securities, there are eight bidders, including Bain Capital, Religare Broking, Edelweiss Securities and other ARCs. For Reliance ARC, there are six bidders, including Bain Capital, International Asset Reconstruction Company and other ARCs. For Reliance Health, there are eight bidders - Blackstone, Bain Capital, Arpwood Partners, and other ARCs. There are also multiple bidders for RCAP's stake in ICEX and Paytm E-commerce business. Reliance Capital asset monetization process, to unlock value of its underlying businesses and to make RCAP debt free, was launched on October 31, 2020. The monetization process being run under the aegis of Committee of Debenture Holders and <keyword id="10477607" type="COMPANY" weightage="20" keywordseo="the-debenture-trustee-vistra-itcl-india-ltd">the Debenture Trustee Vistra ITCL India Ltd</keyword> - which represents 93% of total outstanding debt of Reliance Capital. EOIs were invited for all or part of RCL's stake in the following key subsidiaries and assets individually or in any combination thereof. This includes 100% stake in Reliance General Insurance Company Limited (RGI). It has a paid up capital of Reliance General Insurance is ₹252 crore as of September 30, 2020. It is the 4th largest <keyword id="10477608" type="COMPANY" weightage="20" keywordseo="private-general-insurance-company">Private General Insurance Company</keyword> with market share of 4.5% as of March 2020 in the General Insurance category. It has shown consistent growth in AUM Year-on-Year with investment book of ₹12,315 crore as on September 30, 2020. The company performed its best even during COVID times with Gross Direct Premium Income of ₹4,501 crore during the first six months of FY20- 21. It has a strong distribution network of 134 branches with amongst largest agency force of 46,742 as of September 30, 2020 across the country. Bids have been invited for 51% stake in <keyword id="10203731" type="COMPANY" weightage="20" keywordseo="reliance-nippon-life-insurance-company-limited">Reliance Nippon Life Insurance Company Limited</keyword> (RNLI). The paid up capital of Reliance Nippon Life Insurance is ₹1196 Cr. as of September 30, 2020. RNLI is a joint Venture with Japan's largest life insurer - Nippon Life which holds 49 % shareholding. It is the 10th largest <keyword id="10203730" type="COMPANY" weightage="20" keywordseo="private-sector-insurer">Private Sector Insurer</keyword> (in terms of Individual WRP) and amongst largest Non-Banca company with a network of 717 offices. It witnessed sharp turnaround in performance during FY19-20 with a profit after tax of ₹35 crore and 75% growth (12% CAGR) in embedded value over last four years. It has an impressive claim settlement ratio of 98.1% in FY19-20 and a higher Solvency ratio of 207% (as against regulatory requirement of 150%). As on September 30, 2020, the AUM was ₹21,912 crore and an individual premium market share of 2.20% amongst private insurers. Bids have been invited for 100% stake in Reliance Securities Limited - Broking &amp; distribution company offering services across asset classes including equities, commodities, derivatives, currency, mutual funds, bonds and corporate FDs. Also on offer is a 100% stake in Reliance Financial Limited - RBI registered NBFC, engaged in the business of financing, money lending, capital market linked financing activities, 49% stake in Reliance Asset Reconstruction Limited which manages portfolio of ₹1,996 crore as on September 30, 2020. A 20% stake in Indian Commodity Exchange is also being bid. Other key shareholders in ICEX are Central Warehousing Corporation, MMTC Limited, Indiabulls Housing Finance Limited, Indian Potash Limited and Bajaj Holdings and Investments. ICEX is a SEBI regulated commodity derivatives exchange. There is also 100% stake in Reliance Health Insurance Limited. Other PE investments like Naffa Innovations Private Limited, Paytm E-Commerce Private Limited. RCL's key businesses and subsidiaries are performing well and business will continue as usual. The management, professional team, customer and partners will be unaffected by the proposed asset monetisation programme of RCAP. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-spicejet-interglobe-aviation-tata-motors-pfizer-asian-paints-niit-lupin-and-others/articleshow/79849749.cms">Top stocks to watch – SpiceJet, InterGlobe Aviation, Tata Motors, Pfizer, Asian Paints, NIIT, Lupin, and others</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms?upcache=2">Mrs Bectors Food Specialities IPO allotment today: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/business/startups/news/google-microsoft-invest-in-dailyhunt-for-its-short-video-platform-josh-making-it-the-latest-unicorn-in-india/articleshow/79850804.cms">Google, Microsoft invest in DailyHunt for its short video platform Josh – making it the latest unicorn in India</a>

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