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.