Rising dues to foreign aircraft lessors choking SpiceJet's finances

At the end of FY21, SpiceJet had Rs 8,446 crore in lease liabilities primarily to offshore lessors

In 2015, when SpiceJet promoter Ajay Singh paid Kalanithi Maran Rs 2 for buying a majority stake, few would have guessed that there would be a sense of déjà vu some years down the line.

In 2013, when Maran was still in control, the auditors of SpiceJet had warned that accumulated losses had completely eroded its net worth. In 2020-21, when Ajay Singh was in control, the auditors observed that the airline’s accumulated losses of Rs 4,190 crore had led “to complete erosion of its net worth that may cast significant doubt about the company’s ability to continue