Highlights
- Global Flight Handling Services has obtained an interim stay order from the High Court of Madras regarding the outstanding royalty payment of ₹ 2,41,74,288 due to the Airport Authority of India, Chennai.
- The High Court of Madras dismissed the Writ Petition challenging the demand for royalty dues, but the subsidiary company has secured a stay on the order related to Writ Petition No. 9942 of 2020.
Global Flight Handling Services has received an interim stay order on the demand for Royalty amount outstanding and payable to Airport Authority of India, Chennai from the High Court of Madras.
The High court of Madras dismissed the Writ Petition along with other Batch of Writ Petitions filed on similar grounds.
The Writ Petitions were filed challenging the demand for Payment of Royalty outstanding dues.
Further, the Subsidiary Company have now obtained an interim stay of the order passed in Writ Petition No. 9942 of 2020.
Due to the stay granted, Airport Authority of India will not insist on a No-due Certificate from the Global Flight Handling Services Private Limited (Appellant) in respect of the demand made in the order impugned dated July 22, 2020 amounting to Royalty of ₹ 2,41,74,288/-.
The disclosure to the stock exchange was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015.
