Madras High Court has dismissed SpiceJet’s appeal against a single-judge bench order for its winding up due to non-payment of $24 million to SR Technics- a maintenance and repair company.
The winding-up process allows the liquidator to sell off stocks, pay off the creditors, and distribute the assets to partners and shareholders.
Rejecting the appeal, a division bench of Justice Paresh Upadhyay and Justice Sathi Kumar Sukumara Kurup suspended the order till January 28 to enable the airline to move a further appeal before the Supreme Court.
An airline spokesperson refused to comment on the topic, but a person aware of the matter said that the company will appeal against the order in the Supreme Court.
