Owner of spicejet

NEW DELHI: Security agencies are conducting a background checking of new owner of The Home Ministry ordered a background check of Singh as part of the standard protocol of verifying antecedents of a potential investor, sources of funds and whether the promoter has any links with any unlawful activities or criminal gangs. "Background checking is a standard drill which we have to carry on if any investor infuses funds into any Indian company. If nothing adverse comes, we will give the security clearance," a Home Ministry official said. Background check of the new owner of the SpiceJet is expected to be completed by security agencies within a fortnight. Besides other dues, the airline recently cleared salaries due of its employees. SpiceJet has a fleet of 17 leased Boeing 737-800s and owns 15 Bombardier Q-400s. SpiceJet's lessors include B&B Air and two other lessors have dragged SpiceJet to the court after it defaulted on the lease rentals following the severe cash crunch which lasted for almost a year. They have filed petitions in the Delhi High Court seeking deregistration of six Boeing-737 planes leased to SpiceJet, on which the court has reserved its order. Singh, who was the co-promoter of the airline earlier, after his come back as owner now holds 60.31 per cent stake following the exit of the Maran family. After investing Rs 500 crore late last month, Singh plans to pay two more tranches of Rs 500 crore each to SpiceJet by this month and next month besides bringing in...

• Afrikaans • العربية • বাংলা • भोजपुरी • Čeština • Deutsch • Español • فارسی • Français • 한국어 • हिन्दी • Bahasa Indonesia • Italiano • ಕನ್ನಡ • मैथिली • മലയാളം • मराठी • مصرى • Nederlands • 日本語 • Norsk bokmål • ଓଡ଼ିଆ • ਪੰਜਾਬੀ • Polski • Português • Русский • தமிழ் • తెలుగు • Українська • اردو • Tiếng Việt • 粵語 • 中文 This article is about the airline of India. For the aircraft type, see SpiceJet SG SEJ SPICEJET Founded 2004 ;19years ago ( 2004) (as Royal Airways) Commenced operations 23May 2005 ;18 years ago ( 2005-05-23) Operating bases Fleet size 71 Destinations 53 Headquarters Key people Sanjeev Taneja ( Debojo Maharshi ( ₹−1,087.19 crore (US$−140million) (2021) ₹−1,029.89 crore (US$−130million) (2021) ₹11,367.61 crore (US$1.4billion) (2021) ₹−2,604.25 crore (US$−330million) (2021) Employees 14,578 (2021) Website .com SpiceJet is an Indian Established as History [ ] 1984–1996: ModiLuft era [ ] Main article: The origins of SpiceJet can be tracked back to March 1984 when the company was established by Indian industrialist S. K. Modi to provide private Modiluft before ceasing operations in 1996. 2005–2013: inception and expansion [ ] In 2004, the company was acquired by US$2.7 billion July 2010 and a further 15 US$446 million in December 2010. In 2012, SpiceJet suffered a loss of over ₹100 crore (US$13million) in the airline. 2014–2019: downturn and recovery [ ] In January 2015, the In late September 2017, the airline announced that it had placed a firm order for 25 In 2019,...

New Delhi: The Supreme Court on Monday said the bank guarantee of Rs 270 crore of SpiceJet must be encashed immediately and the money be paid to media baron Kalanithi Maran and his Kal Airways towards dues from the arbitral award of Rs 578 crore. A bench of Chief Justice of India D Y Chandrachud and justices P S Narasimha and J B Pardiwala also directed SpiceJet to pay within three months Rs 75 crore to Mr Maran and Kal Airways towards the interest component on the arbitral award. "We direct that the respondents/decree holder (Maran and Kal Airways) having already received Rs 308 crore out of the arbitral award of Rs 578 crore, the bank guarantee of Rs 270 crore shall be encashed forthwith and the amount shall be paid over to the decree holder...," the bench said. It added that this will ensure that the principal sum due in the award is paid almost in entirety. The top court was hearing SpiceJet's appeal against the November 2, 2020, order of the Delhi High Court, asking the airline to deposit around Rs 243 crore as interest in connection with the share transfer dispute with its former promoter, Mr Maran, and Kal Airways. On November 7, 2020, the Supreme Court had stayed the high court order asking SpiceJet to deposit around Rs 243 crore as interest in connection with the share transfer dispute. The Supreme Court said till three months, the execution of award will remain stayed and if SpiceJet made any default in compliance with these directions for payment, the award will...

An Indian court has ordered Justice Yogesh Khanna of the Delhi High Court delivered the ruling on May 29 after the petitioner, Kalanithi Maran, chairman of the Sun Group and former majority owner of SpiceJet, sought enforcement of earlier court orders to settle outstanding interest payments on a debt. In 2015, the current majority owner of SpiceJet, Ajay Singh, paid Maran INR2 (USD0.024) in cash for his entire The current legal case revolves around interest payable on the original debt to Maran. SpiceJet has variously disputed and ignored interest payment orders. The interest owed stood at INR2.42 billion (USD29.4 million) in October 2020, growing to INR3.62 billion (USD44 million) in February 2023, and INR3.8 billion (USD46.1 million) in May. In mid-February, "Since the judgment debtor had failed to pay an amount of INR750 million to (the) decree-holder, hence in terms of para 15(ii) of the order dated 13.02.2023 of the Hon'ble Supreme Court, there is no other alternative except to call upon the judgment debtors to deposit the entire outstanding amount qua interest forthwith, thus is so directed," read this week's ruling. In addition to ordering full payment of the entire INR3.8 billion claimed, the court gave SpiceJet four weeks to file an affidavit detailing its assets. SpiceJet says it is in talks with Maran's representatives to settle the dispute. "We are confident of resolving the same mutually," a spokesperson told India-based outlets. The court has listed the matte...

Since the COVID-19 outbreak last year, the airline has repeatedly defaulted on payments. Earlier this month, an Indian court ordered the winding up of SpiceJet and asked the official liquidator to take over the low-cost airline’s assets in a case related to non-payment of unpaid dues of around $24 million to Credit Suisse AG. The airline reportedly failed to pay the amount to the Swiss MRO firm SR Technics for the maintenance and repair of aircraft engines, modules, components, assemblies, and parts under a contract dated November 24, 2011. In 2012, the MRO firm entered into a financing deal with Credit Suisse under which it assigned all its current and future rights to claim payments. “SpiceJet has clearly had a challenging past and continues to have a challenging present as well,” said Mark D. Martin, CEO of Martin Consulting, an aviation safety firm. “The airline has been out of bankruptcy nearly five times - and has been in financial crisis more than any airline in its 17-year existence. With Maran at the helm, Spicejet aggressively expanded its fleet and started flying more routes, using heavy discounts to lure passengers. Although this strategy had some short-term benefits, Spicejet was bleeding cash and it was quickly looking like the airline would be one of the first casualties in an all-out price war that ensued in India’s low-cost trvel space. The spectacular collapse of Jet Airways – once India’s largest airline – gave Spicejet the chance to grow its fleet along...