I am in no way connected with the hiring process at Spicejet, but I will say that we have no expat first-officers here. The only way to get hired here as an expat is as a Capt. The quick upgrade you have mentioned is for guys with PIC in large jet aircraft who get their NG type endorsements. Applicants who have no jet PIC time in turbine aircraft have not been considered.
The expiration of expat contracts you mentioned is for F/O's and not Capts.
We have a few foreign passport holder expat F/O's, but they are of Indian origin and have the POI/OCI card. Futhermore, they have converted all their credentials to Indian ones, and are flying on Indian terms and conditions. Thus they are not considered expats.
Expat hiring continues at Spicejet and I see new (confused!) faces here almost every week. Aircraft orders continue and we need Capts to fly these aircraft. As there is a a shortage of "local" commanders the need for expats remains critical and an operational necessity. There are very few Indian F/O's meeting upgrade requirements (hrs) and the company is upgrading every available and qualified candidate, or at least giving them a chance to do so.