NEW DELHI (TIP): Low-cost carrier SpiceJet Ltd, which came close to collapsing in December after running out of cash to pay its creditors, is looking to raise an additional 3 billion rupees ($47 million) and increase its fleet size to 45-50 aircraft by the end of fiscal 2015, the company said.

In March, Indian courts had ordered India‘s aviation regulator to deregister 11 of SpiceJet’s Boeing planes following disputes with three lessors. The company’s website says the carrier currently has 15 Bombardier and 19 Boeing aircraft in its fleet.

Ajay Singh, a co-founder, rescued SpiceJet in December with a $240 million bailout he says has put the airline on the road to recovery.

SpiceJet was forced to ground its fleet and cancel hundreds of flights before the rescue deal emerged.