The Madras High Court has granted SpiceJet a stay order for three weeks against its direction allowing the airline’s winding up (Credit Suisse AG v. SpiceJet Limited)..The stay was granted at the request of SpiceJet's counsel, Senior Advocate V Ramakrishnan on the same day the winding up direction was passed..Justice R Subramanian granted the stay subject to the condition that Spicejet deposits $5 million within a period of two weeks from Monday.“Considering the request, there will be an order of stay of all further proceedings pursuant to this order, for a period of three weeks, subject to the condition the respondent deposits the amount equivalent to five million dollars to the credit of C.P.No.363 of 2015 within a period of two weeks from today,” the order stated..The order was passed in a company petition wherein the Court had allowed a plea by Credit Suisse, a stock corporation registered under the laws of Switzerland, seeking winding up of SpiceJet and directed the official liquidator to take over the company’s assets..The winding up order was passed after the Court opined that that Spicejet had “miserably failed to satisfy the three pronged test” suggested by the Supreme Court on whether a winding up proceeding is to be admitted or not.More on the judgment here..[Read Order]
The Madras High Court has granted SpiceJet a stay order for three weeks against its direction allowing the airline’s winding up (Credit Suisse AG v. SpiceJet Limited)..The stay was granted at the request of SpiceJet's counsel, Senior Advocate V Ramakrishnan on the same day the winding up direction was passed..Justice R Subramanian granted the stay subject to the condition that Spicejet deposits $5 million within a period of two weeks from Monday.“Considering the request, there will be an order of stay of all further proceedings pursuant to this order, for a period of three weeks, subject to the condition the respondent deposits the amount equivalent to five million dollars to the credit of C.P.No.363 of 2015 within a period of two weeks from today,” the order stated..The order was passed in a company petition wherein the Court had allowed a plea by Credit Suisse, a stock corporation registered under the laws of Switzerland, seeking winding up of SpiceJet and directed the official liquidator to take over the company’s assets..The winding up order was passed after the Court opined that that Spicejet had “miserably failed to satisfy the three pronged test” suggested by the Supreme Court on whether a winding up proceeding is to be admitted or not.More on the judgment here..[Read Order]
