SpiceJet prefers appeal against order to wind up company for non-payment of $24 million to Swiss firm

The airline said it had deposited $5 million in court to get the order stayed until the filing of an appeal

Air carrier SpiceJet Limited has preferred an appeal before a Division Bench of the Madras High Court challenging a single judge’s December 6 order to wind up the company for non-payment of over $24 million to a Swiss company which maintains, repairs and overhauls aircraft engines, and components.

Justices Paresh Upadhyay and Sathi Kumar Sukumara Kurup were, on Wednesday, informed by senior counsel V. Ramakrishnan, representing SpiceJet, that the company had complied with the single judge’s direction to deposit an amount equivalent to $5 million in court to stay his order and enable the air carrier to go on appeal.

After recording his submission and hearing preliminary arguments advanced by him as well as advocate Rahul Balaji representing Credit Suisse AG, a Zurich-based stock corporation which had been assigned the right to receive the payments due to SR Technics, the judges adjourned the matter to Thursday for further hearing.