SpiceJet-Credit Suisse case: SC gives Ajay Singh last opportunity to pay, else face Tihar jail
SpiceJet chairman Ajay Singh, the Supreme Court on Monday asked the businessman to make a payment of $5,00,000 towards an instalment to Credit Suisse by September 22, along with $1 million towards the defaulted amount.
The court further warned Singh that he would be sent to Tihar jail if the payment wasn't made.
«We have to move to the next drastic step. We are not worried if you shut down.
Enough of this dilly-dally business… you will have to abide by the consent terms. We are not bothered even if you die.
It is too much,» the court said. The court has asked Singh to be present at the court on every hearing.
Credit Suisse in March approached the top court seeking to initiate contempt proceedings against Singh and SpiceJet over «a wilful and intentional disobedience» of court orders and failure to pay dues of several million dollars as per a settlement between the two sides, a court filing shows.
Credit Suisse and SpiceJet have been engaged in a legal dispute since 2015 over Credit Suisse's claim of unpaid dues of around $24 million, which led to the Madras High Court's order that the airline be wound up in 2021.
