SR Batliboi & Associates, SpiceJet's auditor, said, "As of September 30, 2014, the company's total liabilities exceed its total assets by Rs 1,459.73 crore. These conditions...indicate the existence of a material uncertainty that may cast significant doubt about the company's ability to continue as a going concern."
About 40 pilots of the airline have reportedly tendered their resignation in the past six months.
SpiceJet suffered fifth successive quarterly loss in the July-September quarter. The airline has been offering discounts on tickets and reducing the size of its fleet to minimise losses.
"Management believes that there is still further significant potential on improving revenues. The improved performance further demonstrates that the turnaround effort, which is still work-in-progress, has gained momentum during the quarter," SpiceJet said.