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<keyword id="144015" type="General" weightage="20" keywordseo="kalanithi-maran" source="Orion">Kalanithi Maran</keyword> and <keyword id="169847" type="General" weightage="20" keywordseo="kal-airways" source="Orion">KAL Airways</keyword> informed the Supreme Court on Monday that <keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword>'s offer of ₹600 crore towards full and final settlement of the share transfer dispute was not acceptable. Senior advocate Maninder Singh, representing KAL Airways, submitted before a bench headed by Chief Justice N.V. Ramana that it was not possible for his clients to consider the offer proposed by SpiceJet airlines. The bench, also comprising Justices A.S. Bopanna and Hima Kohli, inquired further whether none of the two offers proposed by SpiceJet was acceptable. Singh replied in the negative and added that as per the arbitral award SpiceJet has to pay them ₹920 crore. Singh also submitted that he could take the court through the calculations as per the arbitral award from the pleadings itself in support of the arguments. He also submitted that the matter may be listed for arguments on the next date of hearing. Senior advocate Mukul Rohatgi, representing SpiceJet airlines, urged the bench to hear the matter within 2 weeks. Singh was assisted by advocates from Karanjawala &amp; Co. After hearing arguments, the top court has scheduled the matter for further hearing on March 2. On February 10, the Supreme Court asked Kalanithi <keyword id="44006" type="General" weightage="80" keywordseo="maran" source="Orion">Maran</keyword>, the former promoter of SpiceJet, to consider the full and final settlement offer made by SpiceJet to end the dispute in a share transfer matter. In a statement SpiceJet, after the hearing in the top court, said: "SpiceJet has offered to pay ₹600 crore in cash in the share transfer case with its former promoter Kalanithi Maran and his firm KAL Airways for a full and final settlement of all disputes. Out of the principal amount of ₹578 crore awarded in arbitration, SpiceJet has already paid ₹308 crore in cash and deposited a bank guarantee of ₹270 crore." SpiceJet's counsel had proposed to pay the bank guarantee equivalent amount of ₹270 crore in cash and top it up with additional ₹22 crore aggregating the total pay-out to ₹600 crore as full and final settlement of all disputes between the parties. Maran and his firm, KAL Airways, had urged the top court to lift the stay on a Delhi High Court order asking the low-cost airline to deposit ₹243 crore as interest on the amount of ₹579 crore in the dispute. In November 2020, the top court stayed the high court order. Maran sought the stay to be lifted to secure the decreed amount -- refund amount awarded and interest -- from SpiceJet. Singh had argued that the high court had asked them to pay the decretal amount and against which SpiceJet had deposited only ₹270 crore as bank guarantee and now there is a winding up order passed against SpiceJet by the Madras High Court in another case being Credit Suisse AG Vs SpiceJet. He added that in such a change in circumstance, SpiceJet should be directed to pay and deposit ₹242 crore otherwise his client will have to run from pillar to post. Karanjawala &amp; Co. in a statement said the top court proposed two offers to Maran and KAL Airways that SpiceJet will give ₹300 crore towards full and final settlement of the dispute and the matter finally gets settled and no further litigation. Second, out of the bank guarantee of ₹270 crore deposited with HC, SpiceJet will give ₹100 crore for now and the order will be passed by the top court to hear petitions, which are pending before the high court expeditiously. The top court asked Singh to discuss the settlement with his client. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sbi-and-icici-bank-lost-over-10000-crore-to-abg-shipyard-bank-fraud/articleshow/89559899.cms">SBI and ICICI Bank investors pay the price for the nearly ₹10,000 crore lost to the biggest bank fraud ever in India</a>

Kalanithi Maran and KAL Airways reject SpiceJet's ₹600 crore settlement offer

<keyword id="2451412" type="UNKNOWN" weightage="100" keywordseo="Narang-International-Hotels">Narang International Hotels</keyword>, a Mumbai-based chain of hotels, has moved the <keyword id="6360667" type="ORGANIZATION" weightage="80" keywordseo="Madras-High-Court">Madras High Court</keyword>, seeking to wind up budget carrier <keyword id="6358032" type="CITY" weightage="100" keywordseo="SpiceJet">SpiceJet</keyword> for not paying the accumulated in-flight service charges, which are about Rs 8 crore. 
 
The court has issued notices to the SpiceJet management asking it to file its reply in four weeks. 
 
Narang has been handling catering services for SpiceJet flights on Delhi and Mumbai sectors since May 12, 2005, said the petition. It added that the airline’s management was contractually mandated to settle payment every 15 days.

Caterer Moves High Court Against SpiceJet

<ul><li>Madras High Court has reportedly allowed the winding down petition filed by <keyword id="48085" type="General" weightage="20" keywordseo="credit-suisse" source="Orion">Credit Suisse</keyword> AG against the airline for a default of $20 million.</li><li>Due to this, shares of its competitor Interglobe Aviation (<keyword id="6354706" type="General" weightage="20" keywordseo="indigo" source="Orion">Indigo</keyword>) surged nearly 4% on Tuesday.</li><li><keyword id="6358032" type="General" weightage="20" keywordseo="spicejet" source="Orion">SpiceJet</keyword>’s stock was down 0.2% at ₹68.70.</li></ul>Debt-laden SpiceJet’s woes are not over yet as the Madras High Court has <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/hc-allows-winding-up-plea-against-spicejet-by-credit-suisse-ag/articleshow/88134533.cms">reportedly </a>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. <div type="image" title="spiceet" height="900" width="1200" msid="88165010" hostid="261"></div> Apparently, Credit Suisse had approached the court to receive the payment on behalf of Switzerland-based <keyword id="1548061" type="General" weightage="20" keywordseo="sr-technics" source="Orion">SR Technics</keyword> from SpiceJet. SR Technics is a maintenance, repair and operations service provider for aircraft, engines and components. Following this, shares of its competitor Interglobe Aviation (Indigo) surged nearly 4% on December 7. <div type="image" title="indigo 2" height="900" width="1200" msid="88164984" hostid="261"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/zoho-is-selling-its-video-calling-app-in-as-many-ways-as-possible/articleshow/88137006.cms">Zoho is selling its video calling app in as many ways as possible</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/these-are-the-states-with-confirmed-cases-of-omicron-covid-19-strain-in-india/slidelist/88138240.cms">Omicron in India — Maharashtra and Rajasthan have recorded 19 positive cases so far</a>

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

If you think that starting a business is difficult, you have probably never met someone who had to close down his business. 
 
When it comes to wind up a company, there is much more that needs to be done other than laying off employees and closing operations. Since a company is a legal entity, closing it down involves several legal procedures, so that it can be taken off official records. 
 
One way to close a company by showing a year's record of no operations (revenue) and zero assets and liabilities, it will be struck off the RoC register, corporate lawyer Vaibhav Parikh told <a href="http://economictimes.indiatimes.com/small-biz/startups/how-to-wind-up-your-startup-without-any-hassle/articleshow/53388971.cms">ET</a>. The other, more complex and costlier legal route, involves meetings with creditors and going to court several times, which could take two to five years as per the complications. 
 The government has recently introduced different schemes to help people who are <keyword id="47929" type="UNKNOWN" weightage="100" keywordseo="winding-up">winding up</keyword> their companies, viz. the <keyword id="6375770" type="UNKNOWN" weightage="100" keywordseo="Bankruptcy-law">Bankruptcy law</keyword> and the notification of the National Company Law Tribunal, and it would probably replace the traditional that deal in company insolvency and disputes. 
 The move has come at the right time, since a lot of start-ups are <keyword id="3883964" type="UNKNOWN" weightage="100" keywordseo="closing-down">closing down</keyword> because of lack of funding. 
 
 
 
Parikh added that start-ups need not use the Bankruptcy law option if they do not have any debt, which is generally the case. "However, they may be able to take benefit of voluntary winding up. The objective is to limit the process to a shorter time frame of up to 90-180 days, but its effectiveness remains to be seen," Parikh said. 
 
Talking of voluntary winding up, it can be done by either members or creditors and that too without court supervision. After the process is complete, relevant documents are filed before the court so that a dissolution order can be obtained. However, the process is not as easy as it sounds. 
 
The expenses that one has to pay for closing down a company make one of the top reasons that companies prefer to remain dormant without legally shutting operations. As per Parikh, about 90% of the start-ups that close operations remain alive, while a majority of the remaining just strikes off their names from the RoC's records. 
 
<a href="http://bizna.co.ke/wp-content/uploads/2016/03/Closing-down-sign.jpg">Image source</a>

Here’s how you can wind up your start-up easily

<keyword id="6358032" type="DOMAIN" weightage="100" keywordseo="spicejet" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="spicejet" meta.entityname="Spicejet Ltd." meta.entityid="7876" meta.seoname="spicejet-ltd">SpiceJet</keyword> too seems to be facing headwinds, with a lessor filing a plea seeking insolvency resolution proceedings against the no-frills airline and the petition is scheduled for hearing before the National Company Law Tribunal (<keyword id="6355809" type="General" weightage="20" keywordseo="nclt" source="Orion">NCLT</keyword>) next week. It also comes at a time when competitor and cash-starved Go First has cancelled flights and has filed for voluntary insolvency resolution proceedings. Aircraft lessor <keyword id="2632765" type="General" weightage="20" keywordseo="aircastle" source="Orion">Aircastle</keyword> (Ireland) Ltd has filed the petition against SpiceJet for initiating insolvency resolution proceedings. The plea was filed on April 28 and it is to be heard by the NCLT Principal Bench on May 8, according to an update on the tribunal's website. A SpiceJet spokesperson said presently, there are no aircraft from this lessor in the airline's fleet and that the development will in no way affect its operations. "All aircraft from this lessor have already been returned by SpiceJet... "We are confident of resolving the matter without court proceedings and we are in discussions with their senior leadership team for the same," the spokesperson said in a statement. Further, the airline spokesperson said the comments provided here are without prejudice to the airline's rights and in no way should be deemed as admission of any liabilities. Shares of SpiceJet declined 2 per cent to close at Rs 31.93 apiece on the BSE on Friday. According to the NCLT website, two more petitions for insolvency resolution proceedings against SpiceJet are pending. The plea by Willis Lease Finance Corporation was filed on April 12 and the one by Acres <keyword id="1434432" type="DOMAIN" weightage="20" keywordseo="buildwell" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="buildwell" meta.entityname="Ansal Buildwell Ltd." meta.entityid="11966" meta.seoname="ansal-buildwell-ltd">Buildwell</keyword> Private Ltd was filed on February 4. There was no immediate comment from SpiceJet on the two petitions. In February, SpiceJet announced that Carlyle Aviation Partners will acquire a 7.5 per cent stake in the airline by converting outstanding dues as well as snap up shareholding in the cargo business, a move that will help the airline reduce its debt by USD 100 million. The NCLT on Thursday reserved its order on Go First petition after nearly a four-hour long hearing where aircraft lessors vehemently opposed the airline's plea. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-nifty50-tumble-over-1-on-sell-off-in-hdfc-twins/articleshow/100013793.cms">Sensex, Nifty50 tumble over 1% on sell-off in HDFC twins</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/the-vivo-zeiss-story-how-a-covid-time-collab-led-to-the-creation-of-the-x90-series/articleshow/100013619.cms">The Vivo-Zeiss story: How a Covid-time collab led to the creation of the X90 series</a>

NCLT to hear insolvency proceedings plea filed against SpiceJet next week

Low frills carrier <keyword id="6358032" type="CITY" weightage="100" keywordseo="SpiceJet">SpiceJet</keyword> today said it is planning to add about three Bombardiers and 4 to 5 Boeings by the end of the current fiscal as it wants to increase its daily flights by 10 percent and also introduce new international destinations. 
 "We have 17 planes for regional connectivity. Spicejet is a major player in regional connectivity space. A few weeks back, we have added three Bombardiers. We will be adding three more in the current financial year," <keyword id="3748342" type="UNKNOWN" weightage="20" keywordseo="ajay-singh-cmd-of-spicejet">Ajay Singh CMD of SpiceJet</keyword> told reporters on the sidelines of a <keyword id="7258" type="ORGANIZATION" weightage="20" keywordseo="FICCI-Ladies-Organisation">Ficci Ladies Organisation</keyword> programme here today. 
 
 
 
"We will be adding 4 or 5 aircraft this year. They will mostly be Boeings," he said. 
 
Currently, SpiceJet is having a fleet of 43 aircraft operating 320 flights a day. 
 Replying to a query, <keyword id="6361419" type="PERSON" weightage="20" keywordseo="Singh">Singh</keyword> said within next few weeks they will be adding 2 to 3 international destinations. 
 
Currently, it operates in six countries. 
 
"We are flying to six countries as of now. We are looking at more options. In the next few weeks, we will announce some more routes. We will be announcing two to three destinations more. Our strategy is to operate in 4 hour window journey," he said. 
 On its proposed order, the <keyword id="6380171" type="CITY" weightage="60" keywordseo="CMD">CMD</keyword> said they are talking to both <keyword id="6356166" type="COMPANY" weightage="60" keywordseo="Airbus">Airbus</keyword> and <keyword id="6357957" type="CITY" weightage="60" keywordseo="Boeing">Boeing</keyword> for placing an order of over 100 aircraft. 
 
The deal will be finalised in a month, he said, adding that the whole order will either go to Boeing or Airbus.

You Searched For "spicejet winding up order" and got 6 results

Kalanithi Maran and KAL Airways reject SpiceJet's ₹600 crore settlement offer

IANS

Caterer Moves High Court Against SpiceJet

BI India Bureau

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

Bhakti Makwana

Here’s how you can wind up your start-up easily

BI India Bureau

NCLT to hear insolvency proceedings plea filed against SpiceJet next week

PTI

SpiceJet to add 8 aircraft to its fleet this fiscal

PTI

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