SpiceJet clears all pending PF dues worth Rs 160 cr
SpiceJet Friday said it has cleared all pending employee provident fund (PF) dues amounting to Rs 160.07 crore, covering two years.
In the past three months, since raising Rs 3,000 crore through a Qualified Institutional Placement (QIP), SpiceJet has cleared all statutory liabilities, including Tax Deducted at Source (TDS), Goods and Services Tax (GST), and pending employee salaries. By addressing these dues, the airline is set to reduce interest costs significantly.
Since October 2024, SpiceJet has been using its internal cash flows to meet statutory obligations like PF and TDS payments.
“Clearing all pending employee PF dues marks a new chapter for SpiceJet. By settling statutory liabilities and resolving disputes with lessors and creditors, we demonstrate our commitment to financial stability and employee welfare. We are confident in sustaining growth and delivering excellent service,” Ajay Singh, chairman of SpiceJet, said in statement.
The airline has also resolved multiple disputes with aircraft lessors and creditors, improving its balance sheet
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