SpiceJet’s two-fold plan for clearing AAI dues

20 Jan 2021 CW Staff

SpiceJet has proposed bringing down the principal amount due to the Airports Authority of India (AAI) below 75% of the bank guarantees by the end of March 2021. The airline has also agreed to clear the entire interest debt or increase the bank guarantees by then.

As per AAI's credit policy, it can encash the bank guarantees if the total dues of an airline are above 75% of the bank guarantees.

A reputed media source had reported that the no-frills carrier owed approximately Rs 147 crore as principal amount and Rs 78 crore as interest. AAI has a bank guarantee of (approximately) only Rs 155 crore.

An official told a prominent media source that as a part of its two-fold plan, SpiceJet would bring the principal amount below the 75% threshold and clear the interest amount entirely or provide additional bank guarantees before the end of the fiscal.

This is subject to the approval of the AAI board and the Delhi High Court.

In June 2020, AAI had put SpiceJet on cash-and-carry mode for a daily fee of Rs 1.1 crore. SpiceJet submitted a two-year-long payment plan which AAI did not accept, after which it proposed to encash the bank guarantees.

In December 2020, SpiceJet applied for an additional loan of Rs 500 crore and requested a one-time debt restructuring of its total dues. According to banking sources, a decision based on SpiceJet's rating will be taken before this month-end.

Lenders, auditors, and stakeholders have been concerned about SpiceJet's extremely weak financial health. Between Q2 FY15 and Q2 FY21, the airline operator's total liabilities have jumped by a whopping 223%, as per a review of the airline's financial statement.

In September 2014, SpiceJet's total liabilities were Rs 4,457 crore. Its current and non-current liabilities were Rs 2,982 crore and Rs 1,475 crore, respectively.

Image Source

Infrastructure Urban

30 May 2026

Panasonic Showcases Connected Display Solutions

Panasonic Life Solutions India showcased its integrated display, projection, broadcast and communication technologies at Panasonic Tech Summit 2026 in New Delhi. Hosted through its System Solutions Division, the two-day event highlighted connected technology solutions for education, healthcare, retail, transportation, corporate offices and entertainment.The summit, themed ‘Turning Technology into Value’, featured experience-led zones covering QSR, retail, transit, corporate offices, healthcare, education, security, projection, home theatre and professional displays. Panasonic also introduc..

Kapsch to Deliver India’s First C-ITS Project

"Kapsch TrafficCom will deliver India’s first Cooperative Intelligent Transport Systems project on a key expressway near New Delhi. The project will be implemented with Superwave Communication And Infrasolution Limited to demonstrate how connected mobility can improve road safety and traffic efficiency.The pilot will use real-time connectivity and AI-enabled situational awareness to support road users, especially in high-risk areas such as temporary work zones. Drivers will receive alerts on roadworks, maintenance vehicles, hazardous locations, traffic queues and temporary virtual signage di..

Eurobond Net Profit Rises 44 Per Cent

Euro Panel Products, the parent company of Eurobond, reported a 44.13 per cent year-on-year rise in net profit for FY25–26. The company’s revenue from operations grew 18.91 per cent to Rs 503.20 crore, compared to Rs 423.18 crore in the previous financial year.The company’s full-year EBITDA stood at Rs 56.67 crore, marking a 31.82 per cent increase. Profit after tax rose to Rs 26.56 crore, while net worth increased 20.15 per cent to Rs 160.07 crore. Earnings per share for the year stood at Rs 10.84.Divyam Rajesh Shah, Whole Time Director and CFO, Euro Panel Products, said the company’s..