The Supreme Court of India has ordered SpiceJet Chairman Ajay Singh to pay $500,000 towards an instalment to Credit Suisse by September 22. The payment has to be done along with $1 million towards the defaulted amount.
The SpiceJet-Credit Suisse dispute goes back to 2015 over unpaid dues of around $24 million
The Supreme Court of India has ordered SpiceJet Chairman Ajay Singh to pay $500,000 towards an instalment to Credit Suisse by September 22. The payment has to be done along with $1 million towards the defaulted amount.
The SC further warned Singh of being sent to the Tihar Jail if he doesn’t obey the order, according to an ET report.
Credit Suisse and SpiceJet have been in a legal dispute since 2015 over unpaid dues of around $24 million.
According to a court document, Credit Suisse asked the top court in March to begin contempt proceedings against Singh and SpiceJet for "a wilful and intentional disobedience" of court orders and failing to pay dues of several million dollars as per a settlement between the two sides. The highest court postponed the winding-up procedures following an appeal against the high court's decision, allowing the parties to negotiate a settlement.
Both parties notified the Supreme Court that a settlement had been reached in August 2022.
However, Credit Suisse filed a contempt case against managing director Ajay Singh subsequently, in March, with the company secretary and the airline saying they had failed to pay dues as per the terms of settlement.
In another case involving Singh, the Delhi High Court granted momentary respite to Singh on 11 September, by giving him time till 12 September to pay the remaining money toward the Rs 100 crore out of total arbitral award dues to the Chairman and Founder of the Sun Group, Kalanithi Maran. Maran held a major share in SpiceJet from 2010 to 2015.