"SpiceJet Will Fold Up If...": Supreme Court To Hear Dues Dispute Friday

Supreme Court has agreed to hear the SpiceJet dues matter on Friday, January 28, after the airline said "it will fold up if case is not heard".

Chief Justice N V Ramana agreed to hear the matter on January 28.

Spicejet had sought early hearing in the matter and its counsel said that "the airline will fold up if case not heard".

Senior advocate Mukul Rohtagi appeared for Spicejet and requested hearing on January 28.

"This is regarding winding up of Airline SpiceJet. Please list on Friday otherwise the airline will fold up," he told the top court.

Gurgaon-based SpiceJet's losses in the second quarter of the current financial year grew to more than Rs 561 crore from a year ago period. The airline's stock is down by about 30 percent in the past year. The negative net worth of the airline is close to what it was in 2014, when it was about to shut operations.

The matter pertains to a plea by Swiss financial services company Credit Suisse AG to wind up SpiceJet after a decade-long standoff between the two entities over unpaid dues of almost Rs 180 crore.