SpiceJet Clears Dues Amid Financial Turbulence

SpiceJet has resolved outstanding salary and GST debts, and paid ten months' provident fund dues after raising Rs 3,000 crore through Qualified Institutional Placement. The airline is in settlements with aircraft lessors and continues to address other financial challenges while operating a reduced fleet.

Crisis-stricken airline SpiceJet has announced it cleared all pending salary and GST dues after raising Rs 3,000 crore through a Qualified Institutional Placement (QIP) of shares. Additionally, ten months of provident fund dues have been deposited, marking significant progress.

In a statement, a spokesperson for the airline reported that the infusion of fresh capital enabled them to settle payroll-related arrears. The spokesperson also outlined ongoing efforts to reach settlements with aircraft lessors amidst various financial difficulties.

Despite these efforts, SpiceJet continues to face multiple challenges such as financial and legal troubles, operating with a reduced fleet. On the stock market, the airline's shares dropped 4.25 percent, closing at Rs 62.79 per piece on the BSE.

(With inputs from agencies.)