SpiceJet Axes Boeing 737 Max Fleet Amid Cash Crunch

SpiceJet has stopped operating its Boeing 737 Max aircraft after terminating a lease agreement with BOC Aviation. Three of the planes are being ferried to the Philippines, leaving SpiceJet's fleet at 11 aircraft.

The move comes as the airline faces severe challenges, including a cash crunch that has led to delayed salaries and vendor payments. Lessors have dragged SpiceJet to insolvency court over rent default, and some planes have been repossessed.

SpiceJet had received its first 737 Max aircraft in 2018 as part of its $22 billion order for up to 250 planes. However, the global grounding of the 737 Max in 2019 due to accidents in Ethiopia and Indonesia was a major setback for the airline.