The Madras High Court has dismissed an appeal filed by SpiceJet challenging a single judge order given last month. Justice R. Subramanian had then ordered the liquidation of the airline for failing to pay dues of $24 million to a Swiss aircraft maintenance company.

Though a division bench of the Madras High Court on Tuesday rejected the plea made by SpiceJet, it extended the single judge’s stay till January 28 so that the airline can appeal in the Supreme Court. It is learnt that SpiceJet is likely to appeal in the top court.

In December, the single judge had granted a three-week stay on his order on the condition that the budget carrier deposit $5 million with the court within two weeks.

The dispute has arisen over the payment of dues arises from a 10-year contract that SpiceJet entered into with SRT Technics of Switzerland in November 2011 for maintenance services for aircraft.