SpiceJet Ltd 23 May 2024 12:00 AM
SpiceJet upgrades Delhi-Bangkok flight to wide-body Airbus A340,
SpiceJet announced the upgrade of its daily Delhi-Bangkok flight to a wide-body Airbus A340, replacing the narrow-body Boeing 737. This enhancement will increase the seating capacity to 324 passengers per flight on the route, catering to the high demand during the holiday season. The upgraded service will commence on 31 May and continue until 20 June 2024. With visa-free entry for Indians, Bangkok remains an attractive destination for travellers seeking work and leisure opportunities. In addition to this, SpiceJet also operates daily flights to Bangkok from Kolkata and has recently announced its foray into the beautiful island paradise of Phuket. Starting 31 May 2024, the airline will offer daily non-stop flights connecting Delhi and Phuket, with conveniently timed schedules to ensure a hassle-free travel experience. Powered by Capital Market - Live News
SpiceJet Ltd 22 May 2024 12:00 AM
SpiceJet to seek refund of Rs 450 cr from Kalanithi Maran,
SpiceJet will seek a refund of Rs 450 crore out of the Rs 730 crore it has previously paid to former promoter Kalanithi Maran and his firm, KAL Airways, following the Delhi High Court`s order on May 17.The Division Bench of the Delhi High Court ruled on May 17 in favour of SpiceJet and its promoter, Ajay Singh, in the long-standing share transfer case against former promoter Kalanithi Maran and his firm, KAL Airways. This ruling overturns a previous decision by a single-judge bench, positioning SpiceJet to claim a substantial refund based on legal advice. SpiceJet has paid a total of Rs 730 crore, comprising Rs 580 crore in principal along with an additional Rs 150 crore towards interest to Maran and KAL Airways. With the setting aside of the impugned order, SpiceJet is set to receive a refund of Rs 450 crore.The appeal brought forth by SpiceJet and Ajay Singh challenged several critical issues related to the award of refund and the justification of interest in the case. The Division Bench found substantial merit in these challenges, noting that they were not adequately addressed in the previous order dated 31 July 2023.In its ruling, the Division Bench held that the Single Judge had erred in dismissing the Section 34 petitions of Ajay Singh and SpiceJet without due consideration of the claims of patent illegality and the order of refund passed against SpiceJet despite admitted breaches on the part of KAL Airways and Kalanithi Maran.The Court has also noted that interest amounting to penal interest had been charged despite SpiceJet not being in any breach of the Share Purchase Agreement. These facts not being considered by the single judge, the appeals of Ajay Singh and SpiceJet have been allowed, and the impugned judgment dated 31 July 2023, has been set aside.Powered by Capital Market - Live News
SpiceJet Ltd 13 May 2024 12:00 AM
SpiceJet commences daily non-stop flights from Delhi to Phuket,
SpiceJet will commence daily non-stop flights connecting Delhi and Phuket from 31 May 2024. The departing flight from Delhi will take off at 9:00 AM, arriving in Phuket at 3:15 PM. The return flight departs Phuket at 4:15 PM, arriving in Delhi at 7:20 PMThis new service will complement the airline`s existing operations to Bangkok from Kolkata and Delhi. Powered by Capital Market - Live News
SpiceJet Ltd 02 Apr 2024 12:00 AM
SpiceJet set to receive its 6th Q400 aircraft from NAC in settlement agreement,
SpiceJet is poised to receive a Q400 aircraft secured from Nordic Aviation Capital (NAC) as part of a settlement agreement inked last year. Under the agreement, which settles all past liabilities for the Q400s leased by NAC to SpiceJet, the airline acquires full ownership of six Q400s. The airline already has five Q400 aircraft which were earlier owned by NAC. The ownership of these planes has been transferred to SpiceJet. This agreement also heralds immense long-term savings for SpiceJet, liberating the airline from the obligation of regular monthly rentals for these aircraft. The sixth Q400 aircraft is en route to India from Germany and is expected to arrive in Delhi soon. The timely arrival of the Q400 aircraft aligns with the upcoming summer schedule, enabling the airline to offer seamless connectivity and enhanced services to passengers during peak travel seasons.SpiceJet has recently announced four major settlements with key aircraft lessors, resulting in substantial savings of Rs 1252 crore for the airline.On 26 March 2024, SpiceJet announced a significant settlement with Export Development Canada (EDC), securing full ownership of 13 EDC-financed Q400 aircraft. This comprehensive agreement resolved liabilities amounting to nearly $91 million, as per SpiceJet`s records, leading to substantial savings of Rs 567 crore for the airline. In addition to the EDC settlement, SpiceJet finalized three other noteworthy agreements, including those with aircraft leasing firms, Cross Ocean Partners and AerCap. These settlements collectively yielded savings of Rs 685 crore for the airline. Moreover, SpiceJet acquired three Boeing aircraft as part of these agreements.Powered by Capital Market - Live News
SpiceJet Ltd 26 Mar 2024 12:00 AM
SpiceJet signs settlement agreement with Export Development Canada,
SpiceJet and Export Development Canada (EDC) have signed a settlement agreement, the terms of which will allow the airline to clear major liabilities, leading to a comprehensive revitalization of its balance sheet. This settlement marks the biggest breakthrough in SpiceJet`s financial restructuring efforts to date. Under the agreement`s terms, SpiceJet will acquire full ownership of 13 EDC-financed Q400 aircraft, bolstering the airline`s operational capabilities and fleet management. This pivotal agreement marks a significant milestone in SpiceJet`s pursuit of financial stability, demonstrating its commitment to prudent financial management and long-term prosperity. As part of the settlement, SpiceJet will pay a comprehensive settlement amount to resolve outstanding liabilities amounting to close to $91 million as per SpiceJet books of accounts. This settlement not only alleviates SpiceJet of a substantial financial burden but also lays the groundwork for a fortified balance sheet and substantial savings for the airline.Powered by Capital Market - Live News
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