ICRA Limited has affirmed InterGlobe Aviation 's credit ratings while the airline has appointed an external aviation expert to conduct a comprehensive review of recent operational disruptions. The rating agency maintained the ICRA [AA] (Stable) rating for long-term facilities and ICRA [A1+] rating for short-term facilities, despite acknowledging significant challenges from Flight Duty Time Limitation (FDTL) norms implementation.

External Expert Appointment for Comprehensive Review

The Board has approved the appointment of Chief Aviation Advisors LLC, led by Captain John Illson, to conduct an independent expert review and assessment of the recent operational disruption. This decision follows recommendations from the Crisis Management Group (CMG) constituted by the IndiGo Board.

Captain Illson brings extensive expertise in global aviation strategy, customized consulting, safety leadership, setting international standards, and new aircraft technologies. The objective is to conduct an independent root cause analysis of the recent operational disruption and identify opportunities for improvement.

Chairman's Formal Apology and Acknowledgment

Vikram Singh Mehta, Chairman of the Board of Directors, has issued a comprehensive video message addressing the operational crisis that occurred from December 3-5. The Chairman acknowledged the severe impact on passengers and formally apologized for the disruptions:

Mehta stated: "We did not meet your expectations during those days. And for that, we are truly sorry." He characterized the events as "a blemish on the airline's pristine-clean record" and acknowledged that "the Company has erred."

Current Operational Recovery Status

The Chairman confirmed that operations have returned to normal levels with significant improvements:

ICRA's Credit Rating Affirmation

Despite operational challenges, the rating agency has maintained its credit assessment across all facility categories:

Root Cause Analysis and Corrective Measures

The Chairman clarified that the disruptions resulted from a combination of factors rather than deliberate actions:

With the Board's approval now in place, the independent expert review will begin at the earliest, and the reviewer will submit a comprehensive report to the Board upon completion. This initiative represents a proactive approach to prevent future disruptions of similar magnitude.

Financial Impact and Market Strength

ICRA's assessment highlights significant near-term financial pressures including revenue loss from flight cancellations and higher operating costs for passenger compensation. However, the company maintains strong market fundamentals:

Despite operational challenges, ICRA maintains confidence in InterGlobe Aviation's market leadership and expects any financial leverage breach to be temporary, with recovery anticipated in the next fiscal year.

InterGlobe Aviation Limited has issued a comprehensive clarification to stock exchanges on December 12, 2025, addressing media reports regarding an alleged SEBI investigation. The company has categorically denied receiving any communication from the securities regulator concerning any assessment or examination.

Official Response to Stock Exchange Queries

The clarification was issued in response to specific queries from both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) dated December 11, 2025. The queries referenced a news article published on Moneycontrol.com captioned "SEBI examining whether IndiGo's parent failed in disclosures: board's role also under scrutiny."

Company's Position on SEBI Communication

InterGlobe Aviation has explicitly stated that it has not received any communication from SEBI indicating that any assessment or examination has been commenced. The company emphasized that the information reported in the news article is factually incorrect. However, the airline operator acknowledged receiving various queries and requests for information from NSE and BSE in connection with ongoing obligations under SEBI LODR Regulations, 2015, which have been duly responded to in a timely manner.

Regulatory Compliance and Transparency

In its official letter signed by Company Secretary and Chief Compliance Officer Neerja Sharma, InterGlobe Aviation clarified that it is not aware of any information that has not been announced to stock exchanges which could explain any price movement. The company stated it cannot determine the impact of the news item on its operations.

The company reaffirmed its commitment to making appropriate disclosures in compliance with applicable laws as and when required. This response was furnished pursuant to the specific query raised by stock exchanges and in compliance with Regulation 30(10) of LODR Regulations, demonstrating the company's adherence to regulatory transparency requirements.