SpiceJet Clears GST Dues, Settles ELFC Dispute Amid Financial Revamp

SpiceJet has paid off its Goods and Services Tax (GST) dues following a successful Qualified Institutional Placement (QIP) that raised INR 3000 crore. This move comes after the airline resolved a dispute with Engine Lease Finance Corporation (ELFC) and cleared all pending salary dues.

SpiceJet, a domestic airline, announced on Friday that it has cleared all its Goods and Services Tax (GST) dues, reinforcing its commitment to financial discipline and regulatory compliance. This development follows the airline's successful Qualified Institutional Placement (QIP), which secured INR 3000 crore.

The QIP attracted a diverse range of top-tier institutional investors and funds, including Goldman Sachs (Singapore), Morgan Stanley Asia, Tata Mutual Fund, and Discovery Global Opportunity Ltd. Ajay Singh, Chairman and Managing Director of SpiceJet, stated, "We are proud to have cleared all GST dues, a significant step towards reinforcing our commitment to financial discipline and regulatory compliance."

Singh added, "These developments reflect our commitment to providing exceptional service to our passengers while positioning ourselves strategically for the future." On September 24, SpiceJet announced the amicable settlement of its dispute with Engine Lease Finance Corporation (ELFC), which had initially claimed USD 16.7 million. The settlement was reached for an undisclosed amount, lower than the initial claim, marking a significant step in strengthening the airline's financial health.

Furthermore, SpiceJet has recently cleared all pending salary dues of its employees, bolstering morale and demonstrating its commitment to its workforce. (ANI)