There is no question of SpiceJet initiating an insolvency process and any rumour is completely baseless, said the airline’s chairman and managing director Ajay Singh on Thursday.
Aircastle—an aircraft lessor to SpiceJet—earlier this month filed a case at the National Company Law Tribunal (NCLT) seeking initiation of an insolvency process against the airline for non-payments of dues. SpiceJet has been making losses since FY19.
“We are focused firmly on reviving our grounded fleet and getting more and more planes back into the air. Work on this front has already begun and the company is using the $50 million ECLGS funds and our own cash,” Singh said in a statement.
