NEW DELHI: On a CFM56 revitalization programme, SpiceJet will partner with FTAI Aviation Ltd. (Nasdaq: FTAI), a top aftermarket provider of engine services.

Spicejet stated in a statement that the collaboration with the US-based engine services company "will lower maintenance expense and minimise aircraft downtime, enhancing the airline's overall performance."

"SpiceJet is slowly but surely progressing towards its goal of restoring its fleet and ensuring that our aircraft stay where they rightly belong to, i.e. in the skies serving our passengers," stated Ajay Singh, Chairman and Managing Director of SpiceJet. Our collaboration with FTAI Aviation is a step in the right direction towards ensuring that our fleet is always operational and free from engine or maintenance concerns.

With the $50 million it received from the government's Emergency Credit Line Guarantee Scheme (ECLGS) and internal financial accruals, low-cost airline SpiceJet stated earlier in May that it had started the process of recovering its grounded fleet.

Earlier, SpiceJet had made preparations to bring 25 grounded planes back into service so that it could take advantage of and maximise the forthcoming high travel season.

On April 21, lender Credit Suisse filed a contempt petition with the Supreme Court against SpiceJet, alleging that the airline had neglected to make payments that were required as part of a settlement. SpiceJet has argued that since the Reserve Bank of India must approve the settlement sum before payments could start as planned. It had previously informed the court that it had made the payment for April on time and would do the same with the payment for May.

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