BackSpicejet to get around ₹225 crore next week as part of ECLGS scheme: Report
The budget carrier will use this money to clear statutory dues and other payments to lessors.
PremiumTwo days after registering a net loss of ₹789 crore for the first quarter ending 30 June, private aviation firm Spicejet is all set to receive around ₹225 crore next week as part of the Emergency Credit Line Guarantee Scheme (ECLGS) scheme, says A.
The budget carrier will use this money to clear statutory dues and other payments to lessors.
To help banks and NBFCs to enable them to extend emergency credit to various industries to meet their working capital requirements, the central government launched Emergency Credit Line Guarantee Scheme (ECLGS) scheme in wake of Covid-19 in 2020.
ALSO READ: SpiceJet net loss widens to ₹789 crore in June quarter, CFO Sanjeev Taneja resigns
Also, Spicejet informed that the airline's new Chief Financial Officer will join next week. Earlier, the previous CFO Sanjeev Taneja resigned on 31 August from his post.
"The Board (of Spicejet) has also identified the candidate for appointment as Chief Financial Officer of the Company. The vacancy shall be filled in the month of September 2022 and the necessary disclosure regarding such appointment shall be made upon completion of all formalities," it said in a stock filing on August 31.
According to reports, SpiceJet is planning to take delivery of at least seven Boeing Co. 737 Max jets this year.
The Directorate General of Civil Aviation (DGCA) in April 2022 restrained 90 pilots of the airline from operating Boeing 737 Max aircraft, after finding they were not properly trained. Also, the aviation regulator asked the airline to retrain the pilots, besides slapping a fine of ₹10 lakh.
Meanwhile, SpiceJet reported a net loss of ₹789 crore in the first quarter of the current financial year. Its was ₹729 crore during the first quarter of the last financial year.
With ANI reports.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
