SpiceJet repays Rs 1 billion loan to City Union Bank

SpiceJet has successfully cleared the settlement of a loan payment worth Rs 1 billion to City Union Bank. The final installment of Rs 250 million was paid on June 30, 2023, thereby closing the entire loan account taken in 2012. Notably, the repayment to City Union Bank follows a successful settlement agreement with Nordic Aviation Capital (NAC), a significant lessor of SpiceJet’s Q400 aircraft. The agreement with NAC resolved all past liabilities for the Q400s leased to SpiceJet by NAC. It will facilitate the return and incorporation of three additional planes into the SpiceJet fleet.