SpiceJet Clears GST Dues and Settles Dispute with ELFC
New Delhi [India], September 27: Maintaining financial discipline and regulatory compliance, domestic airline SpiceJet has cleared all its Goods and Services Tax (GST) dues. The airline announced that the payment of GST dues follows SpiceJet’s recent successful Qualified Institutional Placement (QIP), which raised INR 3000 crore.
The QIP attracted a diverse range of top-tier institutional investors and funds, including marquee names such as Goldman Sachs (Singapore), Morgan Stanley Asia, Tata Mutual Fund, and Discovery Global Opportunity Ltd.
Ajay Singh, Chairman and Managing Director of SpiceJet, said, “We are proud to have cleared all GST dues, a significant step towards reinforcing our commitment to financial discipline and regulatory compliance. These developments reflect our commitment to providing exceptional service to our passengers while positioning ourselves strategically for the future.”
On September 24, SpiceJet announced it had resolved its dispute with Engine Lease Finance Corporation (ELFC) through an amicable settlement. ELFC had previously claimed USD 16.7 million, and the settlement has been reached for an undisclosed amount, which is lower than the initial claim. This resolution marks another significant step towards strengthening SpiceJet’s financial health.
Recently, the airline has cleared all pending salary dues of its employees.
Doubts Revealed
SpiceJet -: SpiceJet is an airline company in India that flies people to different places within the country and sometimes to other countries too.
GST -: GST stands for Goods and Services Tax. It’s a tax people and companies in India pay when they buy or sell things.
QIP -: QIP stands for Qualified Institutional Placement. It’s a way for companies to raise money by selling shares to big investors like banks and investment firms.
INR -: INR stands for Indian Rupee, which is the money used in India.
Goldman Sachs -: Goldman Sachs is a big company that helps people and other companies manage their money and invest it wisely.
Morgan Stanley -: Morgan Stanley is another big company that helps people and businesses with their money and investments.
Ajay Singh -: Ajay Singh is the Chairman of SpiceJet, which means he is the top boss of the company.
USD -: USD stands for United States Dollar, which is the money used in the United States.
Engine Lease Finance Corporation (ELFC) -: Engine Lease Finance Corporation (ELFC) is a company that rents out airplane engines to airlines like SpiceJet.
