SpiceJet to appeal winding up order by HC, hopeful of positive decision

SpiceJet on Tuesday said it is hopeful of a favourable outcome in its proposed appeal against a winding up petition ordered by the Madras High Court.

The High Court on Monday ordered winding up of the airline on a petition filed by Credit Suisse over unpaid dues of $24 million. The court also directed an official liquidator to take over the assets of the airline. The order was subsequently stayed for three weeks following a plea by the airline and on the condition that it deposits $ 5 million with the court within two weeks.

“The company is examining the order and initiating appropriate remedial steps including preferring an appeal before the appellate jurisdiction within the timeframe allowed by the Madras High Court.