On Tuesday, SpiceJet Ltd said it had cleared all its outstanding principal dues with the state-run Airports Authority of India (AAI) and shared its shares high by nearly 5 per cent. The airline will revert to making an advance payment mechanism for its daily operation, and AI will release a 500 million rupees bank guarantee, the company said.

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Under the spotlight, the airline has been a slew of incidents with technical snags on its flight, and its Dubai-based lessor asked the regulators to deregister three planes. Last week, AAI ordered the airline to slash its approved fleet to 50 per cent this summer for eight weeks citing safety snags, the company said.

In the third quarter of 2021, the airline posted a net loss of Rs 1,248 crore. Also, the results are declared for the January-March period of 2022. On July 6, the DGCA also issued a show cause notice to SpiceJet, which was followed by a technical malfunction in its aircraft with at least eight incidents.