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Spicejet faces winding up over unpaid debt
A high court judge paved the way for the potential winding up of Indian airline SpiceJet.
The Madras High Court directed a winding up process over an unpaid debt of $24 million brought by Credit Suisse AG.
The judge stayed the ruling for a period of three weeks to give SpiceJet time to appeal, as long as it deposits an interim payment of $5 million.
"The company is examining the order and shall initiate appropriate remedial steps, including preferring an appeal. The company believes it has a good case on merit and is hopeful of having a favourable outcome," SpiceJet said in a filing.
The debt is owed to Switzerland-based SR Technics, which has a 10-year engine maintenance agreement.
If an appeal is unsuccessful SpiceJet could see assets taken over by liquidators.
The airline has reported losses in the past seven consecutive quarters.
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