New Delhi, January 28: The Supreme Court on Friday stayed for three weeks the order of winding up SpiceJet after the airline claimed that it is looking to settle the dispute over its outstanding dues with Swiss company 'Credit Suisse'.
A Bench of Chief Justice of India NV Ramana, Justices AS Bopanna and Hima Kohli stayed the winding-up order for three weeks to await the measures taken by the SpiceJet airlines' management to resolve the dispute.
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Senior advocate Harish Salve, appearing for SpiceJet, told the Bench that the airline would attempt to resolve the issues with Credit Suisse in three weeks. However, senior advocate KV Vishwanathan, representing Credit Suisse, said the offer put forth by SpiceJet was not worth even mentioning.
To this, the Bench cautioned SpiceJet and said if it did not want to pay its dues to Credit Suisse and others, then it would be declared insolvent. "You want to run the airlines or close it? Why don't you produce your financial status? This is not the way you can run your airlines. What is your contribution? It's a serious matter, if they (SpiceJet) don't want to run airlines we will declare insolvent and go for liquidation," said the CJI to Salve.
SpiceJet Limited has approached the apex court against the Madras High Court order of winding up the company. As per Switzerland-based company Credit Suisse AG, SpiceJet had failed to honour its commitment to pay the bills for over $24 million raised by the Swiss company towards maintenance, repairing, and overhauling of the aircraft engines and components.
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The winding-up petition before High Court's single judge was moved by a Credit Suisse AG claiming that SpiceJet was indebted to it for more than $24 million and alleged that private carrier was unable to pay the debts owed to the firm.
-PTC News
A Bench of Chief Justice of India NV Ramana, Justices AS Bopanna and Hima Kohli stayed the winding-up order for three weeks to await the measures taken by the SpiceJet airlines' management to resolve the dispute.
Also read | Punjab elections 2022: Decision on Punjab Congress CM face soon: Rahul Gandhi
Senior advocate Harish Salve, appearing for SpiceJet, told the Bench that the airline would attempt to resolve the issues with Credit Suisse in three weeks. However, senior advocate KV Vishwanathan, representing Credit Suisse, said the offer put forth by SpiceJet was not worth even mentioning.
To this, the Bench cautioned SpiceJet and said if it did not want to pay its dues to Credit Suisse and others, then it would be declared insolvent. "You want to run the airlines or close it? Why don't you produce your financial status? This is not the way you can run your airlines. What is your contribution? It's a serious matter, if they (SpiceJet) don't want to run airlines we will declare insolvent and go for liquidation," said the CJI to Salve.
SpiceJet Limited has approached the apex court against the Madras High Court order of winding up the company. As per Switzerland-based company Credit Suisse AG, SpiceJet had failed to honour its commitment to pay the bills for over $24 million raised by the Swiss company towards maintenance, repairing, and overhauling of the aircraft engines and components.
Also read | Chandigarh eases Covid restrictions; activities allowed at Sukhna Lake till 10 pm
The winding-up petition before High Court's single judge was moved by a Credit Suisse AG claiming that SpiceJet was indebted to it for more than $24 million and alleged that private carrier was unable to pay the debts owed to the firm.
-PTC News
