Spicejet in process to file for bankruptcy?

Whispers in aviation circles suggest SpiceJet, India's beleaguered low-cost carrier, is quietly gearing up for a bankruptcy filing amid mounting financial headwinds. Persistent insolvency pleas from aircraft lessors and ex-employees have plagued the airline since 2024, with NCLT cases repeatedly stalling over procedural lapses like invalid Powers of Attorney. Could this be the tipping point? Q3 FY26 brought revenue gains to ₹740 crore, yet adjusted losses hit ₹197 crore, fueled by forex woes and a partially grounded fleet. Share prices plummeted recently on block deals, signaling investor jitters. If unaddressed, these pressures might force insolvency under IBC, potentially reshaping India's aviation landscape, unless a bailout or merger intervenes. Speculation mounts as operations limp on with new routes masking deeper distress.