Venture Intelligence (TSJ Media Pvt. Ltd.)
1, Maharani Chinnamba Road; Alwarpet; Chennai - 600018. India.
Non-payment of dues: Madras HC issues winding up order to SpiceJet; airline obtains stay
The Madras High Court issued an order of "winding up SpiceJet and appointment of official liquidator" in a case filed by Credit Suisse claiming non-payment of USD 24.01 million dues to engine maintenance services firm SRT Technics. The airline later said the court stayed its earlier order and the airline will soon initiate "appropriate remedial steps including preferring an appeal" against the order before a higher bench. The court has given the airline "a period of three weeks, subject to the condition that the company deposits the amount equivalent to USD 5 million within a period of two weeks."
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Venture Intelligence (TSJ Media Pvt. Ltd.)
1, Maharani Chinnamba Road; Alwarpet; Chennai - 600018. India.