Clouds in optical satellite images are a major concern since their presence hinders the ability to carry accurate analysis as well as processing. Presence of clouds also affects the image tasking schedule and results in wastage of valuable storage space on ground as well as space-based systems. Due to these reasons, deriving accurate cloud masks from optical remote-sensing images is an important task. Traditional methods such as threshold-based, spatial filtering for cloud detection in satellite images suffer from lack of accuracy. In recent years, deep learning algorithms have emerged as a promising approach to solve image segmentation problems as it allows pixel-level classification and semantic-level segmentation. In this paper, we introduce a deep-learning model based on hybrid transformer architecture for effective cloud mask generation named CLiSA - Cloud segmentation via Lipschitz Stable Attention network. In this context, we propose an concept of orthogonal self-attention combined with hierarchical cross attention model, and we validate its Lipschitz stability theoretically and empirically. We design the whole setup under adversarial setting in presence of Lov\'asz-Softmax loss. We demonstrate both qualitative and quantitative outcomes for multiple satellite image datasets including Landsat-8, Sentinel-2, and Cartosat-2s. Performing comparative study we show that our model performs preferably against other state-of-the-art methods and also provides better generalization in precise cloud extraction from satellite multi-spectral (MX) images. We also showcase different ablation studies to endorse our choices corresponding to different architectural elements and objective functions.