SC grants three weeks to SpiceJet to resolve monetary points with Swiss agency

The Supreme Court on Friday granted three weeks’ time to SpiceJet to resolve its monetary dispute with Swiss agency Credit Suisse AG, and stayed the operation of the Madras High Court verdict allowing winding-up petition and directing the official liquidator to take over the belongings of the low-cost airline.
A bench headed by Chief Justice N V Ramana took word of the submissions of senior advocate Harish Salve that SpiceJet would attempt to resolve the problem with the Swiss agency.
“Senior counsel Harish Salve sought three weeks’ time for trying to resolve the matter and Mr K V Vishwanathan (appearing for the Swiss firm) also agreed to the adjournment. Meanwhile, the high court order is stayed for three weeks,” the bench, additionally comprising justices A S Bopanna and Hima Kohli, ordered.

SpiceJet has rushed to the highest court docket in opposition to the January 11 order of a division bench of the excessive court docket upholding a latest verdict of a single choose bench ordering it’s winding up and directing the official liquidator connected to the excessive court docket to take over the belongings.
Credit Suisse AG had moved the single-judge bench of the excessive court docket alleging that SpiceJet did not honour its dedication to pay the payments for over USD 24 million (a million is the same as Rs 10 lakhs) raised by it in the direction of upkeep, repairing, and overhauling of the plane engines and parts.