Spicejet in turbulence
Spicejet seems to be having a lot of trouble landing safely. On 6th Dec, the Madras High Court ordered winding up of SpiceJet and directed the official liquidator attached to the High Court to take over its assets, in a plea filed by a Swiss company, Credit Suisse AG, over unpaid dues.
The company did not pay over $24 million that it owed to a Swiss company SR Technics for maintenance, repair and overhauling of aircraft engines, modules, components, assemblies and parts.
And yesterday, the Madras High Court 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.
Following this news, the stock price did not exactly fall through the floor. It fell over 3.5%, hitting an intraday low at Rs.65.65 and is now trading 1.5% lower at Rs.67.50.