MADRAS HC STAYS WINDING UP THE ORDER OF SPICEJET FOR 3 WEEKS

The Madras High Court granted a stay order to SpiceJet for three weeks against its direction of winding up the airline. Justice R Subramanian granted the stay at the request of SpiceJet's counsel, Senior Advocate V Ramakrishnan. 

The Court granted the stay on the condition that SpiceJet pays an amount equivalent to five million dollars to the respondents within two weeks.

BACKGROUND

The HC allowed Credit Suisse's plea to wind up SpiceJet. The Court allowed the petition stating that the "airline failed to satisfy the three-pronged test."

Author: Papiha Ghoshal