Indigo stock gains as a plea to shut down SpiceJet has been admitted

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Indigo stock gains as a plea to shut down SpiceJet has been admitted
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  • Madras High Court has reportedly allowed the winding down petition filed by Credit Suisse AG against the airline for a default of $20 million.
  • Due to this, shares of its competitor Interglobe Aviation (Indigo) surged nearly 4% on Tuesday.
  • SpiceJet’s stock was down 0.2% at ₹68.70.
Debt-laden SpiceJet’s woes are not over yet as the Madras High Court has reportedly allowed the winding petition filed by Credit Suisse AG against the airline for a default of $20 million.

Further, the court has asked the official liquidator (Credit Suisse) to take over the assets of SpiceJet on the grounds of inability to repay debts by the airline.
Indigo stock gains as a plea to shut down SpiceJet has been admitted
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Apparently, Credit Suisse had approached the court to receive the payment on behalf of Switzerland-based SR Technics from SpiceJet. SR Technics is a maintenance, repair and operations service provider for aircraft, engines and components.

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Following this, shares of its competitor Interglobe Aviation (Indigo) surged nearly 4% on December 7.
Indigo stock gains as a plea to shut down SpiceJet has been admitted

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