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The Madras High Court has granted a stay for three weeks on its order directing winding up of SpiceJet over non payment of dues. Justice R Subramanian granted the stay subject to the condition that SpiceJet deposits $5 million within a period of two weeks from Monday.

The stay was granted at the request of SpiceJet's counsel, Senior Advocate V Ramakrishnan on the same day the winding up direction was passed.

 "Considering the request, there will be an order of stay of all further proceedings pursuant to this order, for a period of three weeks, subject to the condition the respondent deposits the amount equivalent to five million dollars to the credit of C.P.No.363 of 2015 within a period of two weeks from today," the order read.

The Court was hearing a petition filed by Credit Suisse AG, a Zurich based stock corporation, which had been assigned the right to receive the payments due to SR Technics. He directed an Official Liquidator to take over the assets of SpiceJet.

According to the petitioner (Credit Suisse on behalf of SR technics), SpiceJet had reached an agreement with SR Technics for maintenance, repair and overhauling (MRO) services for a period of 10 years on November 2011. Upon providing of services under the agreement, SR Technics had raised invoices and the SpiceJet had issued seven bills of exchange for the monies due under the invoices. SpiceJet also acknowledge(s) the debts from time to time by issuing certificate of acceptance in relation to the bills of exchange implying that it does not dispute the correctness of the claim made in the invoices. Upon the knowledge that SpiceJet will not be able to pay the money owed the petitioner issued a statutory notice.

 Credit Suisse AG v. SpiceJet Limited