SpiceJet clears GST dues after raising Rs 3,000 crore

Bengaluru: SpiceJet, on Friday, said that it has cleared all its Goods and Services Tax (GST) dues. According to the preliminary placement document filed with BSE, the airline has dues worth Rs 145.1 crore as on September 15.

The airline has been trying to clear its debts since its successful fundraise early in the week. The payment of GST dues follows it clearing its pending employee salary dues until August, ( Rs 118.9 crore according to the document), on Thursday. The beleaguered airline also settled a $16.7 million dispute with engine leasing company, Engine Lease Finance Corporation (ELFC) on Tuesday.

This month also saw the airline restructuring some of its debts with lessors such as Carlyle Aviation, SASOF III (A13) Aviation Ireland DAC and eight others, offering conversion to dues to equity.

With this exercise, Carlyle Aviation wrote off $40.17 million in lease arrears and converted another $30 million debt into equity at Rs 100 per share. Nine Irish lessors were allotted 4.81 crore equity shares on a preferential basis to clear outstanding dues of Rs 231 crore.