NEW DELHI: SpiceJet has not paid statutory dues of Rs 427 crore between March 2020 and August 2024, according to the airline’s preliminary placement document which was submitted to the BSE on Monday to raise funds.
These statutory dues include Rs 219.8 crore in tax deducted at source (TDS), Rs 71.33 crore in goods and services tax (GST), and Rs 135.47 crore towards provident fund (PF) contribution.
The Gurugram-based airline has not been depositing provident fund dues since January 2022. SpiceJet often delays in paying monthly salaries to its employees as well. The document revealed SpiceJet owed Rs 118.9 crore to its employees as of September 15, 2024. The airline’s airport dues stood at Rs 290 crore as of September 15.
The document highlighted that 36 of SpiceJet’s 58 aircraft are grounded due to alleged default in payments to aircraft lessors, financial difficulties affecting aircraft maintenance, and the unavailability of components and spare parts.
The airline is looking to raise up to Rs 3,000 crore via qualified institutional placement (QIP) at a floor price of Rs 64.79 per share. The airline said it would utilise the money to create dies and expand its operations.
About Rs 750 crore will be utilised for payment of outstanding liabilities to creditors, including aircraft and engine lessors, engineering vendors and financiers. Further, Rs 601.5 crore will be utilised for payment of statutory dues, and Rs 410 crore for ungrounding and maintaining the existing fleet and for purchasing new components, spare parts, and repairs.