SpiceJet Financial Crisis: SpiceJet, the leading company in the Indian aviation sectorSpiceJetThe financial crisis of EPFO has deepened further. The company is not even able to pay the provident fund of its employees.EPFOAccording to the EPFO, SpiceJet last paid PF for its 11,581 employees in January 2022. Since then, it has been failing to pay PF for two and a half years in a row. Notices have been issued to the airline by the EPFO regarding this matter. However, SpiceJet has not yet responded to these notices.
SpiceJet shares have fallen by about 7.6 percent this year
According to a CNBC TV18 report, SpiceJet airline is under heavy financial pressure. It is continuously failing to deposit the PF of the employees. The effect of the economic crisis is also visible on the shares of the airline. This year, the shares of SpiceJet have come down by about 7.6 percent. However, compared to last year, there has also been an increase of about 86 percent in them. The report claims that SpiceJet is not only withholding the PF of the employees but is also not able to pay the salaries on time. The company is also getting trapped in a cash crisis.
Companies do not want to extend the lease of aircraft to Spice Jet
Apart from this, SpiceJet is also currently embroiled in litigation with aircraft leasing companies. Some of these do not want to extend the lease of aircraft to SpiceJet. On April 18, the National Company Law Tribunal (NCLT) had also issued a notice to SpiceJet Airlines in response to three bankruptcy petitions filed by aircraft lessors. A total default of Rs 77 crore was cited in this.
KAL Airways and Kalanithi Maran sought damages of Rs 1,323 crore
Along with this, KAL Airways and Kalanithi Maran have also demanded compensation of about Rs 1,323 crore from Spice Jet and Ajay Singh. This case The case has reached the Supreme Court. The dispute dates back to February 2015, when Maran and his KAL Airways transferred their 58.46 per cent stake in SpiceJet to Ajay Singh. He agreed to take over the airline’s liabilities of about Rs 1,500 crore. Maran and KAL Airways allege that they paid Rs 679 crore to SpiceJet for issuing warrants and preferential shares, which were never allotted. Due to this, Maran has initiated arbitration proceedings against SpiceJet and Singh.
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