No plans for insolvency filing, focused on reviving grounded fleet, SpiceJet says
Indian low-cost carrier SpiceJet Ltd said on Thursday it had no plans to file for insolvency, days after the National Company Law Tribunal (NCLT) issued a notice to the Ajay Singh-promoted private carrier on a petition filed by an aircraft lessor seeking initiation of insolvency resolution proceedings against it.
“SpiceJet has initiated the process of reviving its grounded fleet with the $50 million funds received by the airline from the government’s Emergency Credit Line Guarantee Scheme (ECLGS) and internal cash accruals,” the company said in a stock exchange filing.
