In a recent development, the Supreme Court has granted SpiceJet, the low-cost airline, a six-month window to resolve a long-standing financial dispute with Credit Suisse. This dispute centers around unpaid dues amounting to $3 million.
Compliance and Commitment
SpiceJet's spokesperson expressed gratitude to the Supreme Court for acknowledging their compliance with previous orders and accepting their proposal to pay the $3 million arrears over the next six months. The spokesperson emphasized the company's commitment to paying its dues in full and on time while maintaining the highest standards of compliance.
Background
Credit Suisse and SpiceJet have been locked in a legal battle since 2015, with Credit Suisse claiming unpaid dues totalling approximately $24 million. This dispute led to a 2021 ruling by the Madras High Court, ordering the liquidation of the airline.
However, the Supreme Court intervened, temporarily halting the winding-up proceedings and facilitating negotiations between the two parties. By August 2022, both Credit Suisse and SpiceJet informed the Supreme Court of a successful settlement agreement.
Despite this, Credit Suisse returned to the Supreme Court in March, seeking to initiate contempt proceedings against SpiceJet. They alleged a deliberate violation of court orders and non-payment of $3.9 million as agreed upon in the settlement.
© Copyright 2023. All Rights Reserved Powered by Vygr Media.
