SpiceJet (SG, Delhi International) says majority shareholder Kalanithi Maran's plans to sell his 53% stake in the carrier to a consortium of investors headed by co-founder, Ajay Singh, have been given the greenlight by the Indian Ministry of Civil Aviation.

"Spicejet Ltd has informed [the] Bombay Stock Exchange (BSE) that in furtherance of the earlier intimation dated January 15, 2015, the Company on January 22, 2015 received the approval of the Competent Authority, the Ministry of Civil Aviation, Government of India for the ‘Scheme of Reconstruction and Revival for the takeover of ownership, management and control of SpiceJet Limited’ by Mr. Ajay Singh in accordance with the application made by the Company," a stock market filing read.

As it now stands, Singh and Co. must now approach the Securities and Exchange Board of India for an exemption from making an open offer to the airline’s public shareholders.

Should all regulatory requirements be met and the deal go through, Singh and Co. will invest USD240million into the ailing carrier in three tranches to help cover outstanding debt as well as business recapitalization.

Though New Delhi has lifted an embargo on the carrier offering flights more than 30-days in advance, aircraft lessors have not been quite so understanding.

Fearing a repeat of the Kingfisher Airlines (Mumbai International) bankruptcy in which some lessors were unable to repossess their equipment, India's Economic Times says aircraft lessors now want a total of fifteen aircraft to be returned. Of those, the leasing arm of the Bank of China, BOC Aviation, has already requested the Indian Directorate General of Civil Aviation (DGCA) to deregister three of its B737-800s from Spicejet's Air Operator's Permit (AOP).

Of the airline's debts, approximately INR4billion (USD65.1million) is said to be owed to leasing firms in unmet obligations.