New Delhi | Jagran News Desk: Supreme Court on Friday put a three-week stay on Madras High Court verdict ordering the winding up of Spicejet airline over unpaid dues with Credit Suisse. In a heavily worded retort against Gurugram-headquartered airline, the top court warned that it will declare Spicejet ‘insolvent’, adding that ‘this is not the way to run an airline’.

Zurich, Switzerland-based Credit Suisse AG had moved to Madras High Court last year, alleging that Spicejet owes the dues of USD 24 million towards maintenance, repairing and overhauling of its aircraft engines and components.

Senior Advocate Harish Salve appearing for SpiceJet said, "We will come to something, we have something in mind."

SpiceJet in a statement said, "The Supreme Court has today stayed the Madras High Court order against SpiceJet to facilitate settlement between SpiceJet and Credit Suisse. Both parties are already in advanced discussions to settle the matter."

A bench headed by Chief Justice N V Ramana took note of the submissions of senior advocate Harish Salve that SpiceJet would try to resolve the issue with the Swiss firm.

“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, comprising of Justice A S Bopanna and Hima Kohli, ordered on Friday.

On January 11, a division bench of Madras High Court had upheld an earlier judgment of a single judge High Court bench ordering the winding up of SpiceJet and directing the official liquidator to take over the assets of airlines.

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The Supreme Court on January 25 had agreed to hear on Friday the plea of the low cost airline against the high court order.

SpiceJet reported a net loss of ₹934.8 crore and ₹998.3 crore in 2019-20 and 2020-21, respectively.

Posted By: Mukul Sharma