SpiceJet pins hope on $200 million funds via ECLGS to clear dues

Dark clouds continue to hover above India’s low-cost carrier (LCC) SpiceJet. Earlier this week, SpiceJet posted a net loss of INR 789 crore for the second quarter, despite a relatively positive Indian domestic aviation forecast. At around the same time, SpiceJet’s Chief financial officer (CFO) Sanjeev Taneja resigned leaving the airline deep in crisis. The new CFO is expected to join later this week. The grounding of Boeing 737Max, followed by the COVID-19 pandemic, then the depreciating rupee, and high fuel prices have taken a toll on the airline’s operating cost. SpiceJet’s current liabilities exceeded its current assets by INR