`We will fold up if the case is not heard’:  Will SpiceJet go Jet Airways way?

Supreme Court has agreed to hear SpiceJet dues matter on Friday after the airline said it will fold up if the case is not heard.

Spicejet had sought an early hearing in the matter and its counsel said that “the airline will fold up if case not heard”.

Senior advocate Mukul Rohtagi appeared for Spicejet and requested a hearing on January 28.

“This is regarding winding up of Airline SpiceJet. Please list on Friday otherwise the airline will fold up,” he told the top court.

Gurgaon-based SpiceJet’s losses in the second quarter of the current financial year grew to more than Rs 561 crore from a year-ago period. The airline’s stock is down by about 30 percent in the past year. The negative net worth of the airline is close to what it was in 2014 when it was about to shut operations.

The matter pertains to a plea by Swiss financial services company Credit Suisse AG to wind up SpiceJet after a decade-long standoff between the two entities over unpaid dues of almost Rs 180 crore.

Jet Airways had ceased operation in 2019 after bankruptcy.  Thousands of employees were rendered jobless and all its flights were grounded.