Currently, SpiceJet promoters led by Singh, who is also the Chairman and Managing director of the airline hold 56.5 percent stake in the company of which 37.9 percent is pledged with various lenders.
SpiceJet on September 15 said it has fulfilled its obligation by transferring $1.5 million to Credit Suisse in accordance with the directive issued by the Supreme Court.
“We have to move to the next drastic step. We are not worried if you shut down. Enough of this dilly-dally business… you will have to abide by the consent terms…this is too much,” the court said.
The division bench said that the Aircraft Act provides for a robust mechanism in respect of the aviation industry and that the court cannot stop an airline from operating in the country based on a PIL.
In a breather to SpiceJet, the Supreme Court on Friday stayed the Madras High Court order for three weeks, in which the HC had asked the airlines to wind up its operations after it failed to make a payment of $24 million to Credit Suisse.