On January 28, the Supreme Court has stayed the order of closure of SpiceJet for a period of three weeks.
The Supreme Court on Friday granted three weeks to airline SpiceJet to resolve its financial dispute with Swiss-based Credit Suisse AG and also three weeks on the implementation of the Madras High Court order. Banned.
SpiceJet Challenged The Decision of Madras High Court
SpiceJet, in its petition, had challenged the Madras High Court order allowing the winding up petition directing the official liquidator to take over the properties of the low-cost airline.
‘The Company Should Resolve The Issue With the Swiss Company’
A three-judge bench of Chief Justice NV Ramana, Justice AS Bopanna and Justice Hima Kohli took note of senior advocate Harish Salve’s submission that SpiceJet would try to resolve the issue with the Swiss company.
Stay For Three Weeks on The Order Of The High Court
The bench said that “senior advocate Harish Salve has sought three weeks’ time to resolve the matter and KV Viswanathan, appearing for the Swiss company, has also agreed to stay.” Meanwhile, the order of the High Court is stayed for three weeks.
The Company Had Filed a Petition in The Supreme Court
SpiceJet had filed a petition in the apex court against the January 11 order of a division bench of the High Court. The High Court division bench had upheld the recent decision of a single judge bench, which had directed the winding up of the airline. Also, the official liquidator attached to the High Court was directed to confiscate the properties.
Switzerland-based Credit Suisse AG had alleged before a single judge bench of the High Court that SpiceJet had failed to pay its $24 million bills for maintenance, repair and overhauling of aircraft engines.
