Madras HC allows winding-up petition against SpiceJet; airline has 3 weeks to challenge order

NEW DELHI: The Madras high court has allowed Credit Suisse AG’s winding up petition against SpiceJet for alleged default of $20 million payment.
The court also directed the official liquidator to take over the assets of SpiceJet.
The operation of the order has been stayed so that the airline can challenge this single bench judgment before a division bench.
In a regulatory filing on Tuesday, SpiceJet said: “… the Madras high court vide its order dated December 6, 2021 has stayed the earlier order of winding up and appointment of official liquidator for a period of three weeks, subject to the condition that the company deposits the amount equivalent to $5 million within a period of two weeks.”