We Will Declare You Insolvent, SC Warns SpiceJet

SpiceJet is facing severe turbulence as it is stretched financially and the debts keep pilling up

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“Do you want to run or close shop?” the Supreme Court asked SpiceJet on January 28.

It was the one sentence that quickly sent the airline’s counsel Harish Salve scurrying for cover. “We have made an offer and are trying to work out something with Credit Suisse,” Salve said and asked for three weeks’ time that was granted.

Slamming the airline for mismanaging its finances, a bench of Chief Justice N V Ramana and Justices A S Bopanna and Hima Kohli said: “Do you want to run or close shop? This is not the way one runs business as an airline. It is a serious matter. If you are not serious, we will declare you insolvent and allow winding up of the airline. What is this. . .? You do not pay up your dues.”