Madras High Court orders winding up of SpiceJet over unpaid dues

The Madras High Court has directed the official liquidator to take over the assets of SpiceJet and start the process of winding up for its inability to pay outstanding dues to a Switzerland-based firm.

Airline SpiceJet is set to be liquidated to pay more than $21 million owed in debt to Switzerland-based firm Credit Suisse AG. The Madras High Court on Monday directed the official liquidator to take over SpiceJet assets and start the process of winding up.

SpiceJet had entered into a contract for maintenance, repair and overhaul of aircraft with SR Technics Ltd in 2011. In 2012, the financial company Credit Suisse AG had signed a financing agreement with SR Technics, under which Credit Suisse was assigned the rights to receive payments.