HC allows winding-up plea against SpiceJet by Credit Suisse AG
The Madras High Court on Monday allowed the winding petition filed by Credit Suisse AG against SpiceJet NSE 1.31 % Ltd for the default of about $20 million. The court has also directed the official liquidator to take over the assets of SpiceJet. The airline can challenge the ruling.
The court ruled this in a case filed in 2015, when Credit Suisse AG approached the court to receive the payment assigned to it by the Switzerland-based SR Technics as receivables from SpiceJet.
Justice R Subramanian has, however, stayed the operation of the order so that the low-cost carrier can challenge the ruling of the single bench in the division bench.
