SpiceJet is running late on three fronts: flights, supplier payments, salaries
New Delhi, Nov. 12 -- Mumbai,
New Delhi :
SpiceJet Ltd is struggling to keep its planes flying, pay its suppliers, and clear employee salaries, with its cash crunch spilling into day-to-day operations.
The strain is most evident in its supplier payments. Between April and September, the airline missed the 45-day legal payment deadline on more than 85% of invoices from small suppliers, leaving Rs.63.03 crore unpaid, according to its latest regulatory filing.
Flight operations have also taken a hit. In September, nearly two in five SpiceJet flights were delayed by more than two hours, while one in five was cancelled, according to data from the Directorate General of Civil Aviation (DGCA).
Employees, too, have been caught in the squeeze...
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