SPICEJET SHARES
SpiceJet faces contempt notice from Delhi HC for non-compliance
The Delhi High Court issued a contempt notice to SpiceJet and its executives for failing to comply with a May 27 order to return two Boeing aircraft and three engines to lessor TWC Aviation Capital. The court warned that contempt proceedings will proceed unless SpiceJet complies by July 8.
Delhi Airport Terminal Collapse: Operations halted at T1, at least 130 flights canceled
A canopy collapse at Delhi Airport’s Terminal 1 led to a suspension of operations, affecting 128 flights. Passengers were redirected to Terminals 2 and 3. The Civil Aviation Ministry set up a "war room" for crisis management. Authorities are investigating, with steps planned to prevent future incidents. Airlines and the airport are managing increased traffic at the remaining terminals.
Proactive measures initiated after Delhi airport canopy collapse incident, says Aviation minister Ram Mohan Naidu
Following the canopy collapse at Delhi Airport's Terminal 1, Civil Aviation Minister Ram Mohan Naidu announced immediate measures. A war room was established to ensure refunds or alternate flights for affected passengers within seven days. The Minister expressed condolences for the loss of life and emphasized safety measures, including inspections by IIT Delhi engineers. Flight operations have shifted to Terminals 2 and 3, with advisories issued to airlines to maintain fare stability. Long-term safety policies are under review.
Air travellers' trauma: Spicejet plane stuck on tarmac for an hour with no AC, passengers share videos
In yet another incident of aviation apathy, SpiceJet passengers travelling from Delhi to Darbhanga (SG 486) had to wait inside the aircraft without air conditioning for about an hour amid the intense heatwave in the national capital on Wednesday. T...
Rupee opens flat against US dollar in early trade
The rupee is expected to swing within a range of 82.90 to 83.70, influenced by Foreign Institutional Investors, capital markets, and anticipated inflows like Reliance Infrastructure raising USD 350 million.
India airline industry to report wider loss in FY25, consultancy says
India's airline industry is projected to face widening losses of $400-600 million in fiscal 2025 due to escalating costs despite increased passenger demand. CAPA India forecasts a rise in yields by 1% this year, with overall costs to increase by 3.8%. The market is dominated by low-cost carrier IndiGo, while the Air India group and newer carriers like Akasa Air and SpiceJet also play significant roles. Domestic passenger traffic is expected to grow to 161-164 million, with international traffic reaching 75-78 million, reflecting India's status as the world's fastest-growing aviation market.
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SpiceJet says Sun Group's claims of damages are unfounded
SpiceJet and Ajay Singh refuted Kalanithi Maran and KAL Airways' Rs 1,323 crore damages claim as legally untenable. Maran plans to challenge a Delhi High Court order favoring SpiceJet. This ownership dispute dates to 2015. Following the claim, SpiceJet's shares dropped 1.24%. The court had overturned an earlier ruling favoring Maran.
SpiceJet refutes KAL, Maran's Rs 1,323 cr damages claim, terms it 'legally untenable'
SpiceJet refuted the Rs 1,323 crore damages sought by Kalanithi Maran and KAL Airways as legally untenable. Maran and KAL plan to challenge a Delhi High Court order that remanded the dispute, involving a Rs 579 crore refund, for reconsideration. The Delhi high court had overturned a previous ruling favoring Maran.
Kalanithi Maran to seek Rs 1,323 crore in damages from SpiceJet
According to the Sun group, as part of a share transfer agreement signed in 2015 when Ajay Singh took over SpiceJet, Maran and KAL Airways had paid SpiceJet Rs 679 crore for issuing warrants and preference shares. However, Maran alleged that the warrants and preference shares were not allotted, and initiated arbitration proceedings against SpiceJet and Singh.
KAL Airways, Kalanithi Maran to seek Rs 1,323 cr in damages from SpiceJet, Ajay Singh
Against this backdrop, Maran and his firm KAL Airways have decided to challenge the ruling after consultation with their legal counsel. The decree holders -- KAL Airways and Maran -- "believe that the aforesaid judgement is deeply flawed and warrants further scrutiny".
SpiceJet and Sun Group in fresh war of words over shareholders dispute
The Delhi High Court had set aside its earlier order upholding the arbitral award in favour of Kalanithi Maran and against low-cost airline SpiceJet, bringing in relief for the cash-strapped carrier.
SpiceJet to seek Rs 450 cr refund from erstwhile promoter Maran following Delhi HC ruling
SpiceJet plans to reclaim Rs 450 crore from former promoter Kalanithi Maran and KAL Airways, following a Delhi High Court division bench ruling in its favor. The airline previously paid Rs 730 crore to Maran, including principal and interest. The decision overturns a previous order and highlights unresolved legal issues.
Delhi HC sets aside order upholding arbitral award in favour of Kalanithi Maran and against SpiceJet
The Delhi High Court on Friday overturned a ruling that upheld an arbitral award favoring Kalanithi Maran against SpiceJet. Maran sought a refund of Rs 579 crore with interest from SpiceJet in a share transfer dispute dating back to January 2015. Shares of SpiceJet surged 6.5% post the court's decision.
NCLT asks SpiceJet to file reply to Aircastle's petition in 15 days
The National Company Law Tribunal (NCLT) has directed SpiceJet to respond within 15 days to Aircastle's insolvency petition. The tribunal will examine if the power of attorney holder can represent an operational creditor in a corporate insolvency resolution process (CIRP) petition. SpiceJet's counsel questioned the maintainability of the petition, arguing that multiple petitions against the same corporate debtor are not allowed under the Insolvency and Bankruptcy Code, 2016.
SpiceJet reaches settlement with Canada's EDC to resolve liabilities worth Rs 755 cr
SpiceJet announces a settlement agreement with Export Development Canada (EDC) to resolve liabilities amounting to Rs 755 crore, resulting in savings of Rs 567 crore. Under the deal, SpiceJet will acquire 13 EDC-financed A400 aircraft, leading to a comprehensive revitalization of its balance sheet. SpiceJet's shares surged 3.3% to Rs 60.7 per share following the announcement.
Olectra Greentech shares plunge 6% after promoter's name appears on electoral bond list
Olectra Greentech's shares declined by 6% as MEIL Holdings acquired electoral bonds worth Rs 966 crore. The company's revenue showed sequential growth.
SpiceJet finalises lease agreements for 10 aircraft ahead of a busy summer
SpiceJet has finalized lease agreements for ten aircraft to prepare for the upcoming summer schedule, expecting higher demand. The airline recently settled disputes with three companies, saving around Rs 685 crore. Additionally, it plans to raise Rs 2,250 crore through share and warrant sales to finance expansion initiatives. Amid cost-cutting efforts, SpiceJet is set to lay off at least 1,000 employees, aiming to save Rs 100 crore annually.
SpiceJet shares fall 10% amid restructuring in commercial team
Shares of SpiceJet fell 10% after a strategic restructuring, which resulted in the departure of the Chief Commercial Officer and other team members. The airline plans to lay off 1,400 employees to cut costs. They reported a net loss and a decline in revenue from operations for the September quarter.
SpiceJet resolves Rs 413 cr dispute with Echelon Ireland Madison One
SpiceJet announced the resolution of its Rs 413 crore dispute with Echelon Ireland Madison One, resulting in savings of approximately Rs 398 crore. The agreement includes the acquisition of two airframes. Following the announcement, SpiceJet's shares surged around 4.62%. This comes after the airline recently settled disputes with Cross Ocean Partners and Celestial Aviation
SpiceJet settles Rs 93 cr dispute with Cross Ocean Partners
SpiceJet informed the Delhi High Court about settling its Rs 93 crore dispute with aircraft leasing firm Cross Ocean Partners. As part of the settlement, SpiceJet will acquire additional assets, including an airframe and an engine. The settlement is expected to result in substantial cost savings for SpiceJet. The airline recently settled with AerCap subsidiary Celestial Aviation at Rs 250 crore
SpiceJet says sovereign wealth fund ADIA buys its shares from open market
Abu Dhabi's sovereign wealth fund ADIA has acquired shares of SpiceJet from the open market. The no-frills carrier is facing multiple headwinds and is in the process of raising funds through preferential issuance of securities, raising a total of Rs 1,060 crore and planning to raise Rs 2,250 crore in fresh capital. SpiceJet's stock declined 1.
SpiceJet settles Rs 250 cr dispute with Celestial Aviation
SpiceJet has resolved its Rs 250 crore dispute with AerCap's subsidiary Celestial Aviation, announcing the mutual settlement of the $29.9 million disagreement. The resolution allows the airline to focus on fleet revamping and business development. SpiceJet recently raised Rs 316 crore in the second tranche of capital infusion, aiming for a total fund infusion of Rs 2,250 crore through share and warrant sales.
SpiceJet closer to settlement with aircraft lessor Celestial, says formalities remain
SpiceJet informed the National Company Law Tribunal (NCLT) that it has settled the matter with aircraft lessor Celestial Aviation, seeking a week for final formalities. Celestial Aviation had filed an insolvency petition against SpiceJet for a default of $29.9 million. SpiceJet has been in settlement talks with the lessor since October 2023.
SpiceJet shares jump 14% after Ajay Singh, Busy Bee Airways submit joint bid to acquire GoFirst
SpiceJet said that it is currently in the midst of a revival plan and has successfully completed the first tranche of capital infusion amounting to Rs 744 crore, with additional subscriptions pending regulatory approval.
SpiceJet shares fall over 4% as investors remain apprehensive of fund infusion
Cash-strapped SpiceJet is short on liquidity, and investors are apprehensive about fund infusion, CNBC-TV18 said, citing sources. Additionally, the airline company has also delayed salary payments to many of its employees.
SpiceJet’s Rs 2,242-crore fund infusion plan gets BSE nod
The in‐principle approval from BSE allows SpiceJet to proceed with the process of fund infusion, providing the airline with the necessary financial impetus for its growth initiatives, the company informed in its filing to the exchanges.
SpiceJet gets shareholders' nod for equity fundraising
The airline hopes the capital infusion will help revive its grounded planes that continue to weigh on the financial results of the company. Under the fundraising plan, SpiceJet will issue up to about 32 crore equity shares and 13 crore convertible warrants at an issue price of Rs 50.
SpiceJet shares jump 5% on reports of Carlyle Aviation Partners expressing interest in airline
SpiceJet is slated to hold its annual general meeting (AGM) later today to consider the adoption of its audited financial statements along with the issue and allotment of equity shares on a preferential basis.
SpiceJet shares jump 8% after budget carrier expresses interest in acquiring Go First
Go First, which stopped flying on May 3 amid financial woes mainly triggered by Pratt & Whitney engine issues, is undergoing an insolvency resolution process, PTI reported.
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