In a letter to its passengers published in the company's in-house magazine, SpiceJet's chief operating officer Sanjiv Kapoor said the airline plans to grow back in size and scale that it had achieved in the middle of 2014.

According to Kapoor, the company plans to reclaim its position as the second largest domestic passenger carrier with 21 percent market share, before legacy issues caught up with it.

"The good news is that the company is, at the time of this writing, in the process of changing hands with the return to the airline of co-founder Ajay Singh as promoter, and along with that comes re-capitalisation of the airline. The future now looks secure," Kapoor said.

On Jan 15, the board had approved the plans to allow Kalanithi Maran to off-load his stake in the company to Ajay Singh after regulatory clearances.

This is Singh's second innings with the airlines which he co-founded with Bhupendra Kansagra in 2005.

However, he had sold his stake along with Kansagra and assets buyout specialist Wilbur Ross in 2010 to Sun Group's Kalanithi Maran.

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