SpiceJet gets Breather as Supreme Court Holds Winding up Order

The Supreme court stayed the Madras High Court order for three weeks in which the high court asked the airlines to wind up its operation due to not being able to make payment of $24 million to Credit Suisse.The apex court bench of Chief Justice N.V. Ramana said,” If you don't want to run the airlines, we will declare you insolvent. This is not the way to run an airline."Credit Suisse has moved the winding-up petition to a company court claiming that SpiceJet owed the company $24 million for maintenance, repair, and overhauling of MRO service provider SR Technics. The MRO has assigned Credit Sussie the right to receive payments on behalf of SR Technics. The company court has also admitted the winding up of SpiceJet. SpiceJet earlier argued in the Madras High Court that SR Technics did not have approval from the Director-General of Civil Aviation (DGCA) from 2009 to 2015. But the argument was given much attention in the court and said that the airline had availed of the services of SR Technics.