Amid continuing difficulties in airline space to generate profits and raise funds, independent auditors of at least two Indian carriers have raised red-flags over their 'going concern' status claims.

Typically, a company is known as a 'going concern' if it has sufficient resources to continue to operate indefinitely and to avoid any potential bankruptcy risks.

While auditors of now-grounded Kingfisher Airlines have been raising red flags for a long time, auditors of low-cost carrier SpiceJet have pointed out in their latest quarterly review report the airline's total liabilities exceeded its total assets by Rs 1,145.58 crore (Rs 1.15 trillion) as on June 30, 2014.

"These conditions, along with other matters...indicate the existence of a material uncertainty that may cast doubt about the company's ability to continue as a going concern," SpiceJet's auditor SR Batliboi and Associates LLP said.

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