Madras HC upholds winding up plea against SpiceJet by Credit Suisse; gives time to airline to challenge ruling in SC
A division bench of the Madras High Court on Tuesday upheld a single bench order to allow a winding-up petition against SpiceJet NSE 0.08 % filed by Credit Suisse AG for defaulting on payment of about $24 million.
The court, however, stayed the operation of the order till January 28, allowing the low-cost carrier time to challenge the ruling in the Supreme Court.
“The company is examining the order and will take appropriate remedial steps as per legal advice received,” a SpiceJet spokesperson said.
The Zurich-based lender had approached the High Court in 2015 to receive payment assigned to it by Switzerland-based aircraft maintenance, repair and overhaul (MRO) service provider SR Technics as receivables from SpiceJet.
