SpiceJet Clears Dues, Pays 4 Months Backlog Salaries Next

SpiceJet has cleared all pending salaries and taxes amid financial woes. Employees received four months' salary, raising their morale. The airline aims to regain strength, backed by a Rs 3,000 crore funding from top investors and plans for expansion.

SpiceJet has successfully disbursed four months of pending salaries to its employees following the clearance of overdue GST payments. The airline, beleaguered by financial troubles, has been lagging in salary payments for several months.

In a major relief for staff ahead of the festive season, all overdue salaries were settled last week. 'I am still in shock! Getting four months' salary in the last five days was unexpected. It's like Diwali came early!' remarked Vishnu Prasad, an executive in the reservations department.

'I was worried about my family's future. Management has kept its word, clearing all dues before the promised deadline of September 30. I am proud to be part of this team!' said Manish Kumar, a security staff member. Airport staff Deepak Singh echoed this sentiment, adding, 'Seeing three months' salary paid at once and receiving my September salary on time was a huge relief.'

These positive developments follow the airline's success in raising Rs 3,000 crore through a Qualified Institutional Placement (QIP). This funding round saw significant investment from elite institutional investors such as Goldman Sachs (Singapore), Morgan Stanley Asia, Tata Mutual Fund, and Discovery Global Opportunity Ltd.

Alongside employee salary disbursements, SpiceJet has also settled its outstanding GST obligations, showcasing a concerted effort to stabilize its financial health. The airline plans to introduce new aircraft, expand its routes, and rejuvenate its network, aiming to strengthen its competitive stance in the aviation market.

With their dues finally paid, employees are optimistic and ready to contribute towards SpiceJet's recovery and future growth. (ANI)

(With inputs from agencies.)