Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Airports Authority Asks SpiceJet to Clear Rs 20 cr Dues by November 30

The AAI claims the airline's dues have crossed the 80 per cent of threshold of its security deposit.

PTI

Updated:November 28, 2018, 11:50 PM IST
facebookTwitterskypewhatsapp
SpiceJet Operates India's First Flight Partially Powered by Bio-Fuel (Representative Image) Photo: Reuters
SpiceJet (Representative Image) Photo: Reuters
Loading...

Mumbai: The Airports Authority of India served a notice to Ajay Singh-controlled budget carrier SpiceJet to pay up to Rs 20 crore by November 30 to partially clear its dues, an AAI source said.

A SpiceJet official said an additional bank guarantee of Rs 20 crore was provided to the AAI on Wednesday.

The AAI claims the airline's dues have crossed the 80 per cent of threshold of its security deposit.

As per the AAI norms, all the carriers are supposed to keep their dues within 80 per cent of their security deposit with the state-run aerodrome operator.

SpiceJet's outstanding towards landing, parking and route navigation charges currently stands at Rs 117 crore, against its security deposit of Rs 104 crore, the source said.

"We have sent a notice to SpiceJet yesterday (Tuesday) to pay Rs 20 crore by November 30 to bring down their dues at par with the 80 per cent threshold of the security deposit," the source said.

If the carrier fails to pay Rs 20 crore by the stipulated deadline, the AAI may increase the payment amount against its billing to Rs 3.5 crore, the source added.

Earlier in the day, a SpiceJet spokesperson said that payments to the AAI and other vendors are being made by the airline as per the schedule.

"We remain firmly committed to all our obligations," the spokesperson said.

In a filing to the BSE, SpiceJet reiterated that it is making its payments as per "stipulated timelines" and it stands committed to all our contractual obligations.

The no-frills airline, which operates an average 446 flights daily to 57 destinations, reported a net loss of Rs 389.37 crore for the September quarter on surge in fuel costs and forex losses.

The company had posted a net profit of Rs 105.27 crore in the same period of last fiscal.

Besides, the airline has also been told to pay at least Rs 2.5 crore against its per-day billing for faster clearance of its dues, the AAI source said.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Anu Parthiban
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
HDFC 2,049.30 3.78
Maruti Suzuki 6,591.95 10.39
ICICI Bank 417.50 7.99
HDFC Bank 1,199.60 8.95
Reliance 1,254.35 6.39
Company Price Change %Gain
Astral Poly Tec 1,213.70 5.25
HDFC 2,052.10 3.92
SBI Life Insura 815.85 1.73
Zee Entertain 301.10 -2.49
Maruti Suzuki 6,585.25 10.89
Top Gainers
Company Price Change %Gain
Eicher Motors 17,860.20 13.38
Hero Motocorp 2,862.90 13.06
IndusInd Bank 1,419.60 10.71
UltraTechCement 4,269.65 10.43
Maruti Suzuki 6,591.95 10.39
Company Price Change %Gain
Hero Motocorp 2,866.50 13.19
Maruti Suzuki 6,585.25 10.89
IndusInd Bank 1,419.60 10.74
Bajaj Finance 3,705.60 10.19
SBI 301.70 10.09
Top Losers
Company Price Change %Gain
Power Grid Corp 196.20 -2.46
Zee Entertain 301.40 -2.41
Infosys 805.00 -1.91
TCS 2,065.45 -1.74
NTPC 119.85 -1.52
Company Price Change %Gain
Power Grid Corp 196.35 -2.39
Infosys 805.10 -1.94
TCS 2,065.60 -1.74
NTPC 119.90 -1.52

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results