A company has reached NCLT against SpiceJet, the airlines providing cheap flight service.
SpiceJet, another airline offering cheap air tickets, has come to the point of bankruptcy. A petition to initiate insolvency proceedings against the company has been filed in the National Company Law Tribunal (NCLT). If this petition against SpiceJet is approved, then questions will be raised on the future of low-cost fair airlines in the country.
Only last month, a company like Go First had reached the brink of bankruptcy and to save itself from the insolvency process, the company had turned to NCLT. GoFirst flights have been suspended since May 3. The lenders to the company have formed a committee of creditors, which will also appoint a new resolution professional on June 12.
(This news is being updated)