Low-cost carrier SpiceJet has been granted a six-month period by the Supreme Court to resolve a longstanding financial dispute with Credit Suisse, involving unpaid dues of $3 million.
A SpiceJet spokesperson stated, “The Hon’ble Supreme Court has noted our compliance with its previous orders and agreed with our proposal to pay the $3 million arrears over the next 6 months.”
This outcome is viewed positively by the company and its stakeholders, with gratitude expressed to the Court for its understanding.
“We are committed to paying our dues in full and on time. We remain fully committed to upholding the highest standards of compliance and look forward to continuing our positive engagement with all stakeholders,” the SpiceJet spokesperson added.
In a previous hearing earlier this month, the Supreme Court cautioned SpiceJet about potential “drastic action” if it fails to clear its Credit Suisse dues.
Credit Suisse and SpiceJet have been embroiled in a legal battle since 2015, with Credit Suisse claiming unpaid dues of approximately $24 million. This dispute led to a Madras High Court ruling in 2021 that ordered the liquidation of the airline.
Challenging the high court’s decision, the Supreme Court temporarily halted the liquidation proceedings and facilitated negotiations between the two parties to reach a settlement. By August 2022, both Credit Suisse and SpiceJet informed the Supreme Court that they had successfully reached a settlement agreement.
However, in March, Credit Suisse returned to the Supreme Court, seeking to initiate contempt proceedings against SpiceJet and its CEO for alleged violations of court orders and non-payment of $3.9 million as per the previously agreed settlement.
