SpiceJet agrees to settle dues of CUB in phased manner till June next year

City Union Bank (CUB) said that the no-frills airline SpiceJet has agreed to settle its dues with the bank in a phased manner that will see re-payments happening till June next year. SpiceJet has been servicing the interest dues regularly and interest had been paid up to July 2022.

“The airline immediately paid Rs 3 crore dues in July 2022 and pledged two crore share with us as collateral owned by the promoter of SpiceJet. The market value is more than almost around Rs 90 crore plus currently,” N Kamakodi, MD and CEO, City Union Bank, told analysts during an earnings call.