INSUBCONTINENT EXCLUSIVE:
The matter relates to non-payment of $24 million to the Switzerland-based stock corporation.New Delhi: A court order to wind up SpiceJet was
paused for three weeks by the Supreme Court today as the private airline said it is trying to resolve issues with Credit Suisse AG
The case relates to the non-payment of $24 million (Rs 180 crore) to the Switzerland-based stock corporation."We are asking for three weeks
We are trying to work out something," said senior lawyer Mukul Rohtagi, appearing for SpiceJet."Senior counsel Harish Salve sought three
weeks for trying to resolve the matter and Mr KV Vishwanathan (appearing for the Swiss firm) also agreed to the adjournment
Meanwhile, the high court order stays for three weeks," the Supreme Court bench said.The Madras High Court had in December last year ordered
SpiceJet to wind up and start liquidation for defaulting on payment of dues to Credit Suisse
The airline approached the Supreme Court against the order in January this year.The bench headed by Chief Justice of India NV Ramana pulled
up the airline after Mr Vishwanathan (appearing for Credit Suisse) cited SpiceJet's offer as not "worth mentioning"."What is this? Do you
want to run or close the shop ..
you better produce your financial status
It is not the way to run your airlines
You cannot say that you are a busy airline and I do not want to pay anybody
You see this a serious matter
said in a statement that the Supreme Court had stayed the Madras High Court order against SpiceJet to facilitate settlement between the
airline and Credit Suisse
quarter of the current financial year grew to more than Rs 561 crore from a year-ago period.The airline's stock is down by about 30 per
The negative net worth of the airline is close to what it was in 2014 when it was about to shut operations.
