The EaseMyTrip CEO has formed an unlikely partnership with SpiceJet’s Ajay Singh to buy the grounded airline. Their bid has evoked interest and a question: will it work?
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After two consecutive quarters of profit, the Ajay Singh-led airline is still struggling to pay its employees and vendors. There’s more to it than meets the eye.
It was hoped that the lawmakers would factor in the interests of aircraft lessors in case of defaults. Instead, the Bhartiya Vayuyan Vidheyak Bill, 2024 has turned out to be a damp squib.
The Mahapatras, who were supposed to invest nearly half the targeted Rs 2,250 crore, haven’t done so yet, forcing the Ajay Singh-led airline to seek more time to complete the exercise.