Supreme Court Gives Big Relief To Spicejet
Supreme Court gives big relief to Spicejet. Spicejet will not be shut down yet, Supreme Court gives big relief – three weeks ban.
Airline company SpiceJet today got immediate relief regarding the payment dispute. The Supreme Court has stayed for three weeks the direction for winding up proceedings against SpiceJet.
The airline had claimed that it was trying to settle the dispute with Credit Suisse over its dues. The airline owes Rs 180 crore to financial company Credit Suisse AG.
Let us inform you that SpiceJet had challenged the Madras High Court’s decision to wind down the airlines only last month.
The case is almost a decade old.
The dispute between SpiceJet and Credit Suisse goes back almost a decade. In fact, SpiceJet had entrusted the maintenance of its aircraft and engines to the Swiss company SR Technics in 2011.
But SpiceJet could not pay the fixed amount for this work. Later in 2012, an agreement was signed between Credit Suisse and SR Technics.
Under this, SR Technics has given the right to get the dues from SpiceJet to Credit Suisse. After which the real fight was seen between the two companies.
Credit Suisse appealed to the Madras High Court in 2015.
Credit Suisse then filed a petition in the Madras High Court against SpiceJet in 2015 for persistent delays in payment of dues.
In the petition, he demanded the closure of SpiceJet and payment of dues. SpiceJet then responded by saying that the bill of exchange prepared by SR Techniques had many flaws.
Therefore it cannot be implemented in the country. SpiceJet further said in its reply that Credit Suisse is not a creditor and hence there is no basis for the winding-up plea for the winding up of SpiceJet.
However, a judge of the Madras High Court rejected SpiceJet’s arguments. He ruled in favor of Credit Suisse.
The order of the Madras High Court was challenged.
SpiceJet had last month challenged the order of the Madras High Court judge to wind up the airlines. The judge had stayed the execution of his order for three weeks so that SpiceJet could appeal against it.
Subsequently, a division bench of the Madras High Court dismissed SpiceJet’s appeal but extended the stay on the decision. In the end, SpiceJet approached the Supreme Court
