SpiceJet (SG, Delhi International) founder Ajay Singh is putting together a financial rescue package for the ailing Indian low-cost carrier. According to a Reuters report, Singh has advised the Indian government that he would need "two to three more weeks to finalise" his plan.

Singh still owns approximately 5% of Spicejet which is majority controlled by the Sun Group of billionaire Kalanithi Maran. Singh's plan includes a proposed investment of USD200 million into Spicejet by himself and a JP Morgan Chase managed fund.

Spicejet had been forced to cancel numerous flights earlier in December when it was no longer able to pay for fuel and other operating expenses. The Indian government has since lifted a restriction that only allowed Spicejet to sell tickets for 30 days into the future and the LCCs operations have stabilized. According to Spicejet's website a total of 28 daily flights remain temporarily cancelled until January 31, 2015.

In related news, the Business Standard is reporting that most domestic airlines are jointly opposing a civil aviation ministry plan to create a fare cap of INR20,000 (USD313) on domestic routes. The ministry is reportedly preparing a plan for minimum and maximum fares. Former Spicejet SVP Network Planning & Revenue Management told the Business Standard that the example of Saudi Arabia would show that fare caps are "detrimental to the health of the airlines."