The Supreme Court on Tuesday agreed to hear a petition filed by Spice Jet Ltd against the Madras High Court order to wind up its operations, after it failed to make payment of over 24 million dollars to a Swiss maintenance company, on January 28.
Senior Advocate Mukul Rohatgi on Tuesday mentioned the matter before the Bench led by Chief Justice N.V. Ramana. Rohtagi said the airline will fold, if the matter is not listed, since there is a protection till January 28.
On December 7, 2021, the Madras High Court had ordered the winding up of Spicejet Ltd on a company petition filed by Credit Suisse AG, a Switzerland-based Stock Corporation and a creditor, who alleged inability on part of the respondent Airlines to pay the debts owed to the former.
Single-Judge Bench of Justice R. Subramanian had directed the Official Liquidator to take over the company assets. The order was however kept in abeyance for two weeks.
SpiceJet challenged the order before a Division Bench of Sathi Kumar Sukumara Kurup and Paresh Upadhyay, which dismissed the appeal of SpiceJet on January 11.
The Division Bench had concluded in favour of the arguments made by Credit Suisse AG, a Zurich-based stock corporation, which was assigned the right to receive the payments due to SR Technics, that the air carrier had not made out any ground to entertain the appeal.
However, the Division Bench had extended the interim stay till Friday as the air carrier had already deposited five million USD in the court and also permitted the airline to move the Supreme Court on the matter.