Comments
A Division Bench of the Madras High Court on Thursday adjourned to January 10 the hearing on an appeal preferred by SpiceJet against a single judge's Order to wind up the company for non-payment of $24 million to Credit Suisse AG, a Zurich-based stock corporation.
This follows remittance of $5 million, as directed by the single judge, earlier. It has extended the stay on the judge's order till January 11.
On December 7, the Court directed the Official Liquidator to take over the assets of the carrier. However, after pronouncing the order, the judge stayed his own order for all further proceedings for three weeks. This was subject to the condition that the company deposits the amount equivalent to $5 million within two weeks.
SpiceJet challenged the single bench’s order on liquidating its assets. The airline argued that the order was erroneous and against the weight of evidence.
ends
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.