indianarrative

Supreme Court agrees to hear Spicejet plea against High Court order to wind up airline

spicejet.webp

Supreme Court agrees to hear Spicejet plea against High Court order to wind up airline.

The Supreme Court has agreed to hear low-cost airline Spicejet’s plea against the Madras High Court order to wind up the company.

Senior advocate Mukul Rohatgi pleaded before the apex court that if the matter was not heard urgently, the proceedings to wind up the airline would begin on January 28.

After this, the Chief Justice of India (CJI) agreed to hear the matter. The matter is likely to be heard on Friday.

A single bench of the Madras High Court had on December 7 ordered the winding up of Spicejet Ltd on a petition filed by Credit Suisse AG, a Switzerland based Stock Corporation and a creditor, who alleged that SpiceJet is unable to pay the debts owed to the firm.

The matter pertains to a decade-long standoff between the two entities over unpaid dues by Ajay Singh-led Spicejet of close to Rs 180 crore.

The court had agreed to put a stay on the operation of winding up till January 28 so that the budget airline could approach the Supreme Court on the matter.