SpiceJet fails to submit a revival plan yet again

Beleaguered airline SpiceJet has yet again failed to submit a comprehensive revival plan to the civil aviation ministry, even as its dues towards the Airports Authority of India (AAI) mounted to Rs 200 crore, sources told CNBC-TV18. [caption id=“attachment_2039565” align=“alignleft” width=“380”]  AFP[/caption] According to CNBC-TV18 , SpiceJet’s Chief Operating Officer and its Chief Commercial Officer met DGCA officials today but failed to submit any revival plan. Sources said, the investors expected to have a plan by today. The sources added that the civil aviation ministry is expected to give SpiceJet relief from airport dues only after the airline submits a firm revival plan. SpiceJet, India’s second largest budget airline, was forced to ground its fleet briefly last month after it ran out of cash to pay creditors and its majority owner, billionaire Kalanithi Maran’s Sun Group, said it would not put up any more money. SpiceJet’s founding promoter Ajay Singh has also come to the rescue of the crisis-ridden airline, with Singh and a US-based investment fund planning to invest in the carrier. The potential investors are likely to buy stake from current promoter Kalanithi Maran by infusing $200 million to help the airline to stay afloat.