New Delhi: “Do you want to run or close the store?” The Supreme Court asked Spicejet on Friday.
It slams the surrounding low-cost carrier – facing the winding process initiated by Credit Suisse to fail payment of $ 24 million – for misunderstanding.
The APEX court also warned that airlines would be declared bankrupt if they did not pay their contributions.
Feeling the atmosphere of the bench, senior advocate of Salep Harish Salve looking for three weeks from the chairman of Justice and Ramana and Judge A Bopanna and Hima Kohli to “work on something” to avoid the winding process.
“We have balanced and strives to complete something with a Credit Suisse,” Salve said.
Appearing for Credit Suisse, senior advocate K v Vishwanathan told the court that Spicejet had to submit a serious offer.
“What is on the table is not worth the Minister of Defense.
The offer must be trusted,” Vishwanathan said.
CJI berizes no words, trying to show inappropriate corporate behavior from Spicejet.
“Do you want to run or close the shop? This is not the way someone runs a business as a airways.
This is a serious problem.
If you are not serious, we will declare you bankrupt and leave the winding from the airline.
What is this….? You don’t pay your fees .
“After Salve convinced the court that Spicejet would try to finish it within three weeks, the bench remained a notice for the appointment of the temporary liquidator to lift the airline.
On January 11, the division bench of Madras High Court has upheld the command of a single bench to allow the winding petition of the Agacred Suisse AG to fail to pay around $ 24 million.
HC has remained an order operation until January 28, allows Spicejet to challenge decisions at the Supreme Court.
Pay contributions or declared bankrupt: the Supreme Court to Spicejet
