Debt-ridden domestic airline SpiceJet has paid off all outstanding salary and GST payments, as well as deposited ten months' worth of provident fund dues.
Reetu | Oct 5, 2024 |
SpiceJet clears 4 month pending Salary of Employees after GST dues; Deposited 10 months PF
Debt-ridden domestic airline SpiceJet, which recently raised Rs 3,000 crore, said on Friday that it has paid off all outstanding salary and GST (Goods and Services Tax) payments, as well as deposited ten months’ worth of provident fund dues.
On September 23, the airline stated that it would raise Rs.3,000 crore through a Qualified Institutional Placement (QIP).
An airline spokesperson stated that within the first week of receiving new funds, it cleared all outstanding salary and GST dues and made great headway by depositing 10 months’ PF dues.
He noted in a statement that the process of clearing other outstanding debts is still ongoing.
Among other initiatives, the airline has negotiated an agreement with several aircraft lessors. SpiceJet has faced a number of challenges, including financial and legal issues. It is also operating with a smaller fleet.
Employees are now relieved, re-energized, and eager to resume their responsibilities with optimism, wishing to see the airline restore its position in the industry.
SpiceJet shares slid 4.25% on Friday, closing at Rs 62.79 each on the BSE.
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