The Supreme Court on Friday stayed the winding up proceedings against SpiceJet Airlines for three weeks but warned the carrier may have to face liquidation proceedings if it fails to resolve the financial dispute with creditor Credit Suisse AG to whom it reportedly owes over $24 million.
After briefly hearing senior advocate Harish Salve for the airline and senior counsel K.V.Viswanathan for the Swiss firm, a bench of Chief Justice N.V.Ramana, Justice A.S. Bopanna and Justice Hima Kohli ordered the stay and decided to adjourn the case for three weeks.
The court passed the order while dealing with a special leave petition filed by SpiceJet challenging the concurrent rulings of a single judge and a division bench of Madras High Court
