CHENNAI / NEW DELHI: A day after the Madras High Court ordered the winding up of SpiceJet over its failure to make payments to a Swiss maintenance, repair and overhaul (MRO) service provider, the private carrier said on Tuesday that it was planning to appeal.
SpiceJet owes around $24 million to Zurich-based SR Technics, with which it has a 10-year agreement to avail MRO service. On Monday, the single-judge bench of Justice R Subramanian allowed the petition by Credit Suisse AG, which had been assigned the right to receive payments due to SR Technics and ordered that the airline be wound up. The operation of the verdict was, however, stayed for three weeks following a plea by the airline on condition that SpiceJet deposit $5 million with the court in two weeks.
