Delhi High court smashed Spicejet to pay $4 mn of lessors' plea by 15 feb

The Delhi High court has asked the aircraft carrier Spicejet to pay $4 million to its engine lessors Team France 01 SA and Sunbird France 02 SAS till February 15.

Delhi High court smashed Spicejet to pay $4 mn of lessors' plea by 15 feb

The company has to repay $11 million to the lessors and out of four engines, three have been returned and only one is in use. It has informed the HC that they have received the first tranche of $90 million and the next tranche of $4 billion will be received soon. While, on Friday the low-cost airline informed that it completed raising around Rs 744 crore through allotment of shares and warrants as part of its refinancing plan.

This is subject to be the part of approved raising fresh capital of Rs 2,250 crore from 63 entities, including financial institutions, foreign institutional investors, high-net-worth individuals, and private investors.

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As per the resources, the company has announced to raise Rs 160 crore through the Emergency Credit Line Guarantee Scheme [ECLGS] and the airline has managed to get funding worth over Rs 1,100 crore in three months. The overall account is calculated to be more than Rs 900 crore.

The company has so far received around Rs 1,000 crore under the ECLGS as it has garnered a total of more than Rs 1,100 crore funds in three months. The company has proposed a series of cost-cutting measures to implement and streamline operations and enhance efficiency.

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