Madras High Court orders winding up of SpiceJet over outstanding dues.

The Madras High Court has ordered the winding up of SpiceJet and asked the official liquidator to take over the low-cost airline’s assets in a case related to non-payment of unpaid dues of around $24.01 million to Swiss stock corporation Credit Suisse AG.

While directing winding up of the carrier, Justice R Subramanian, however, kept his order in abeyance for three weeks, if SpiceJet deposits $5 million within two weeks. In a filing to stock exchanges on Tuesday, SpiceJet said it will soon initiate “appropriate remedial steps including preferring an appeal” against the order before a higher bench “within the time frame allowed by the Madras High Court.” “The company believes it has a good case on merits and is hopeful of having favourable outcome in the appeal,” it said.