SpiceJet Clears 10 Months of PF Dues After Raising ₹3,000 Cr via QIP, Settles GST Payments and Salary Arrears

SpiceJet announced on Friday that it has paid off ten months’ worth of Provident Fund (PF) dues. This comes shortly after the airline cleared all Goods and Services Tax (GST) payments and settled pending employee salary arrears.

A spokesperson for the low-cost airline said, “Within the first week of raising fresh funds through our Qualified Institutional Placement (QIP), we have cleared all pending salary and GST dues. Additionally, we have deposited ten months of PF dues, with the process to clear other outstanding payments still ongoing.”

The company raised ₹3,000 crore through a QIP last month, attracting investors such as Goldman Sachs (Singapore), Morgan Stanley Asia, Tata Mutual Fund, and Discovery Global Opportunity Ltd.

SpiceJet also reported that it has successfully reached settlements with several lessors, keeping it on track with its financial and operational plan as outlined in its QIP strategy.

Previously, the airline revealed it had not paid ₹220 crore in tax deducted from employee salaries (TDS) between April 2020 and August 2023. However, SpiceJet has recently resolved a dispute with Engine Lease Finance Corporation (ELFC), which initially claimed $16.7 million. The dispute was settled for an undisclosed amount, less than the original claim.