The Madras High Court has ordered winding up of low cost airline carrier SpiceJet Limited and directed the official liquidator attached to the High Court to take over its assets, in a plea filed by a Swiss company over unpaid dues for aircraft repairs.

However, at the same time the court has stayed the order for three weeks if SpiceJet deposits $5 million within two weeks in which time SpiceJet said it would appeal against the High Court order. 

The airline had failed to make payment of over $24 million to a Swiss company SR Technics for maintenance, repair and overhauling of aircraft engines, modules, components, assemblies and parts. The order was passed by the high court on December 6, 2021.

In a filing to BSE, the budget carrier said "The Madras High Court through its order dated December 6, 2021 has stayed the earlier order of winding up and appointment of official liquidator for a period of three weeks, subject to the condition that the Company deposits the amount equivalent to $5 million within a period of two weeks."

"The Company is examining the order and shall initiate appropriate remedial steps including preferring an appeal before the appellate jurisdiction within the time frame allowed by the Madras High Court," SpiceJet said.