The Delhi High Court on Thursday ordered de-registration of six aircraft leased to SpiceJet after its lessors filed a suit alleging non-payment of dues.
In an interview with CNBC-TV18's Latha Venkatesh and Sonia Shenoy, the carrier's chief operating officer, Sanjiv Kapoor, termed the issue a legacy of the crisis that took place prior to a takeover by new management.
"We will take whatever actions that are required to protect ourselves in terms of appeals, etc," he said. "In the meantime, we have been in discussion with these lessors. We are eminently closed to announcing a settlement with one of them already and we are in very advanced discussions with the other."
Below is the transcript of the interview on CNBC-TV18.
Sonia: What is the exact quantum of payment that you have to make to the lessors and when do you plan to do that?
A: The overall quantum of payment due to all lessors is significantly less than the number which is often quoted in the media. We actually owe -- net of funds which are due on us -- about Rs 160 crore so it is not a huge amount. In the media you see Rs 700 crore and other inflated numbers it is much smaller number.
A number of lessors have been fully paid off and there are two or three which went to court during the crisis back in December. So this is pre ownership change, pre funds infusion – this court case. For those because it is litigation obviously they have not been paid off yet because we are waiting for outcome of litigation.
In the meantime, we have been in discussion with these lessors. We are eminently closed to announcing a settlement with one of them already and we are in very advanced discussions with the other. So we expect no operational impact from this court announcement yesterday.
It is a legacy again of December last year when we were in financial crisis. A lot has changed since then. New ownership, new funding has come in and therefore I would not read too much into this. We will take whatever action that are required to protect ourselves in terms of appeals etc. More importantly we are different airline from what we were when these court cases were filed.
Latha: When do you accept to re-register those six aircrafts?
A: They have not been de-registered yet, we will appeal that; but like I said the important thing is that with one of the two lessors involved in yesterday's court ruling we have reached an impressible agreement and an announcement on that is imminent. We are on advanced discussions with the other. So we do not expect that this will actually result in any aircraft leaving the fleet at all. We expect no operational changes no operational deception at all.
Latha: You mean you have all your 32 crafts flying?
A: Yes, absolutely.
Sonia: Give us some updates on the fund infusion that has come in from Ajay Singh already? How much more is pending?
A: Well, about Rs 500 crore has come into the company since the crisis in December. As Ajay has described and mentioned previously two more tranches of Rs 500 each are expected one by the end of this month and one by the end of the next month. We believe with those two additional infusions we will be fully recapitalised and this situation will be fully behind us.
SpiceJet stock price
On March 20, 2015, at 11:05 hrs SpiceJet was quoting at Rs 21.65, down Rs 0.1, or 0.46 percent. The 52-week high of the share was Rs 25.70 and the 52-week low was Rs 11.10.
The latest book value of the company is Rs -16.49 per share. At current value, the price-to-book value of the company was -1.31.
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