After the Supreme Court’s decision on SpiceJet, its prices jumped up to 7 percent on the NSE.
The Supreme Court has given three weeks to the airline SpiceJet to settle the financial dispute with the Swiss company Credit Suisse AG and has also stayed the Madras High Court’s decision for the time being. The Madras High Court had ordered the Official Liquidator to take possession of SpiceJet’s properties. Credit Suisse had filed a petition in the High Court regarding dues of Rs 2.4 lakh crore on maintenance, repair and overhauling of aircraft engines and components.
A bench headed by Chief Justice NV Ramanna, who was hearing the matter, took note of senior advocate Harish Salve’s submission that SpiceJet would try to settle the matter with the Swiss company. Salve had sought three weeks’ time. Justice AS Bopanna and Justice Hima Kohli were also in this bench.
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this is the whole matter
Credis Suisse AG had accused SpiceJet of defaulting on payment of $24 million (Rs 180.09 crore). The airline, which provides cheap airlines, had to pay this payment for the maintenance, repair and overhauling of the aircraft’s engine and components. When SpiceJet did not pay the bill, Credit Suisse went to the High Court regarding this issue. A single judge bench of the High Court had ordered the takeover of SpiceJet’s properties. Aircraft company SpiceJet had filed a petition in the Supreme Court against a decision of the High Court pronounced on January 11. The Supreme Court has now given three weeks relief to SpiceJet on this issue.
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Spice Jet shares took off
Before the Supreme Court’s decision on SpiceJet, its shares were under pressure. However, after the Supreme Court’s decision today, its prices jumped up to 7 percent on NSE. In intra-day today, it was opened at a price of Rs 63 and after the decision of the Supreme Court, it reached a height of Rs 65.60.
(Input: PTI)
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