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Madras HC upholds winding up plea against SpiceJet by Credit Suisse

Economic Times  

A division bench of the Madras High Court upheld a single bench order to allow a winding-up petition against SpiceJet filed by Credit Suisse AG for defaulting on payment of about USD 24 million. The court, however, stayed the operation of the order till January 28, allowing the low-cost carrier time to challenge the ruling in the Supreme Court. Credit Suisse had approached the High Court in 2015 to receive payment assigned to it by Switzerland-based aircraft MRO service provider SR Technics as receivables from SpiceJet. A single bench, on December 6, allowed the winding up of SpiceJet, but the airline challenged the order before a division bench.