SpiceJet complies with Supreme Court order; makes $1.5 million payment to Credit Suisse
Read here: SpiceJet-Credit Suisse Case: SC warns SpiceJet to settle Credit Suisse dues or face 'drastic action' Earlier, it was reported that a third of the amount is part of a monthly settlement plan SpiceJet had previously agreed with Credit Suisse, and the rest are unpaid dues to the bank. In March, Credit Suisse filed a request with the Supreme Court to commence contempt proceedings against SpiceJet and its founder, Ajay Singh, due to alleged deliberate and intentional non-compliance with court orders and failure to settle a $3.9 million debt as stipulated in a prior settlement agreement between the parties.
SpiceJet has contended that the outstanding debt in question is an older one that originated prior to the current management's tenure. The legal dispute between Credit Suisse and SpiceJet dates back to 2015, primarily revolving around Credit Suisse's assertion of unpaid dues amounting to approximately $24 million.
At 10:10 am, SpiceJet share price was trading 3.93% higher at ₹39.89 apiece on the BSE. Catch Live Market Updates here
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