SpiceJet has entered into a full and final settlement with the Airports Authority of India (AAI) and has cleared all outstanding principal dues of the airport operator. With this, SpiceJet will no longer remain on ‘cash and carry’ at AAI run airports across the country and will revert to advance payment mechanism for daily flight operations.
SpiceJet’s ability to clear the pending dues reflects the airline’s improved cash flow in the recent times. In another big boost for the airline, AAI will release SpiceJet’s Rs 50 crore bank guarantee following the airline clearing all its principal dues. This will result in additional liquidity for the airline.
SpiceJet is among the first private companies that stepped into the Indian aviation sector.
