No plans to file for insolvency: SpiceJet
Starts the process of reviving its grounded fleet with $50 million
image for illustrative purpose
New Delhi: Budget carrier SpiceJet on Thursday said it has no plans to file for insolvency proceedings and has also started the process of reviving its grounded fleet with $50 million.
The statement from SpiceJet comes at a time when a lessor has filed an insolvency resolution plea against the airline and crisis-hit rival Go First being admitted for voluntary insolvency resolution proceedings by the National Company Law Tribunal (NCLT) on Wednesday.
While citing the recent developments in the Indian aviation market, SpiceJet said it has no plans whatsoever to file for insolvency. "We want to scotch any speculation that may have arisen due to the filing by another airline. The airline is firmly focussed on its business and remains in active talks with investors to raise funds," it said in a statement.
There is absolutely no question of filing for insolvency. Any rumour regarding the same is completely baseless. We are focused firmly on reviving our grounded fleet and getting more and more planes back into the air. Work on this front has already begun, and the company is using the $50 million ECLGS funds and our own cash," SpiceJet CMD Ajay Singh said.
