SpiceJet clears dues, no longer in default, SC notified
Supreme Court on Friday took note of Swiss financial services firm Credit Suisse submission’s that SpiceJet has cleared its outstanding dues and is no longer in default as on date.
A Bench led by Justice Hima Kohli while posting the matter for further hearing in July noted the submissions made by senior counsel Liz Mattews, appearing for Credit Suisse, that “matter should be taken up after three months to ensure that they (Spicejet) don’t default as they have been doing in the past,”
The court was hearing a contempt petition filed by Credit Suisse against Singh over the non-payment of dues despite a court-approved commercial settlement arrived at between the Swiss firm and the low-cost airline in 2021. The dispute arises from SpiceJet's alleged failure to honour invoices raised by Credit Suisse.
The apex court had last month asked SpiceJet to clear its outstanding dues of $1.25 million by March 15 in addition to the monthly instalments to Credit Suisse. «We're giving you a long rope, don't take any risks in this matter. There is no scope of any belated payment in this case. The respondent (Spicejet) is not justified in saying so. The very fact that the respondent is in default is apparent from the dateline given,» the Bench had then cautioned Singh.
On September 22, the Supreme Court had given six months to SpiceJet to clear arrears to Swiss financial services firm.
For the next six months, the airline was required to pay Credit Suisse $500,000 a month towards the arrears, in addition to the scheduled monthly
