SpiceJet Clears Over INR 600 Crore in Dues Amidst Financial Rebuilding

SpiceJet announced the clearance of pending dues totaling over INR 600 crore, including TDS, salaries, GST liabilities, and Provident Fund contributions. This comes after raising Rs 3,000 crore last month. The airline also achieved settlements with several aircraft lessors, reflecting its commitment to financial stability.

SpiceJet, on Tuesday, confirmed that it has resolved pending Tax Deducted at Source (TDS) dues amounting to Rs 310 crore until the second quarter of the current fiscal year.

The airline, after navigating through challenging periods, managed to secure Rs 3,000 crore last month.

Since September 26, 2024, SpiceJet has successfully cleared over INR 600 crore in outstanding dues, which included unpaid salaries, GST liabilities, and Provident Fund (PF) contributions. Additionally, the company has finalized settlements with multiple aircraft lessors, as stated in their release.

SpiceJet's Chairman and Managing Director, Ajay Singh, expressed the company's resolve to stabilize its financial situation, stating, "We are committed to setting our house in order and are pleased to have cleared all pending TDS dues."

The airline's shares remained steady at Rs 57.10 per piece during late afternoon trading on the BSE.

(With inputs from agencies.)