The airline in a statement said that it had “already deposited USD 5 million on the direction of the Madras High Court in the Credit Suisse case and there is no adverse financial liability on the Company”
Low-cost carrier SpiceJet said that it had settled its pending commercial dispute worth USD 24 million with Swiss financial services company Credit Suisse. The airline in a statement said that it had “already deposited USD 5 million on the direction of the Madras High Court in the Credit Suisse case and there is no adverse financial liability on the Company”.
The settlement involves payment of the settlement amount over a mutually agreed period of time. “With regard to the dispute pending between Credit Suisse and SpiceJet Limited, we would like to inform that the parties have now reached an in-principle commercial settlement of the dispute and the process of documentation is underway,” statement from the airline read.
The Madras High Court in December 2021 order had asked for winding up the airline. SpiceJet had then moved to the Supreme Court, which on January 28, 2022, stayed the High Court order and granted three weeks to the budget carrier to resolve the commercial dispute
SpiceJet’s successful settlements with De Havilland Aircraft of Canada Limited (DHC), Boeing, aircraft lessors CDB Aviation and Avolon. Credit Suisse had filed a case in the Madras High Court alleging that SpiceJet failed to honour its commitment to pay the bills for over USD 24 million raised by it towards maintenance, repairing, and overhauling of aircraft engines and components.
The Madras High Court in December 2021 order had asked for winding up the airline. SpiceJet had then moved to the Supreme Court, which on January 28, 2022, stayed the High Court order and granted three weeks to the budget carrier to resolve the commercial dispute.
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