Under the terms of the agreement, SpiceJet will acquire full ownership of 13 EDC-financed Q400 aircraft. The move will bolster the airline's operational capabilities and fleet management.
“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 Madras High Court has directed the official liquidator to take over the assets of SpiceJet and start the process of winding up for its inability to pay outstanding dues to a Switzerland-based firm.