August 25 in New Delhi: According to a source, SpiceJet, an Indian low-cost airline, has not made a payment into its workers’ pension plans in at least 6 to 8 months.
But a SpiceJet representative informed IANS that the business had already started the procedure.
“PF had a little delay, but we will shortly deposit a sizable sum, and payroll payments were made on schedule. Additionally, we complete all payments on schedule. Soon, all will be made plain. We have hope,” the spokesman added.
In three to four months, “we are submitting PF together, and soon it will be cleared,” he said.
SpiceJet declared a significant financial turnaround for the first quarter of this year on Monday, driven by lower expenses that more than offset a fall in revenue.
For the three months ended June 30, the airline reported a combined net profit of Rs 197.64 crore.
This was a huge improvement above the net loss of Rs. 783.72 crore registered during the same period the year before.
The significant 36 percent decrease in total costs for the aforementioned quarter, which came to Rs 2,069.24 crore, was largely responsible for the excellent increase in profitability.
The Delhi High Court, however, ordered low-cost carrier SpiceJet and its Chairman and Managing Director (CMD) to pay Rs 100 crore to Kal Airways and its founder Kalanithi Maran by September 10 in the event that they fail to do so, at which point the court may consider attaching their property.
Senior attorney Maninder Singh spoke on behalf of Maran and Kal Airways. He claimed that the judgement debtors, SpiceJet and CMD, were required to file an affidavit of assets and a weekly collection report within one week, but they failed to do so and did not do so in the format required by the court.
On August 9, the court had given notice about Kal Airways and Maran’s request for a weekly payment of 50% of SpiceJet’s daily revenue collection.
Singh also argued at the hearing on Thursday that the Supreme Court’s orders dated February 13 and July 7 are preventative, conditional, and self-operative and have not yet been followed.
Furthermore, he claimed that Kal Airways and Maran, the decree holders, were not served with the CMD’s affidavit, which was filed under sealed cover.
On the other side, senior attorney Amit Sibal contended that the sum they estimated amounted to Rs 279 crore rather than Rs 397 crore as counsel Singh claimed.
Additionally, he offered to deposit Rs. 75 crore within ten days, but lawyer Singh protested, stating that they were required to do so in April but had not yet done so.
