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SpiceJet clears pending dues with AAI

Indian low-cost carrier SpiceJet Ltd said on Tuesday it had cleared all its outstanding principal dues with the state-run airport operator Airports Authority of India (AAI), sending its shares up nearly 5 per cent.

The airline will revert to advance payment mechanism for its daily operations, and AAI will release INR 500 million (USD 6.33 million) bank guarantee, the company added.

The airline has been under the spotlight lately after a slew of incidents of technical snags on its flights and one of its Dubai-based lessors asked the regulator to deregister three of SpiceJet’s planes.

Adding to its troubles, the aviation regulator last week ordered the airline to slash its approved fleet to 50% this summer for eight weeks citing safety snags. The airline said on Monday its flight operations remained normal.

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