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.
Subscribe to read this story
We publish over 500 original, detailed stories every year on startups, corporates, stock markets and economic current affairs.
Limited time offer $125 $99 for 1 year
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.
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?
Creditors seem to be running out of options to revive the grounded airline, unless SpiceJet can pull off a surprise.