The Supreme Court on Wednesday reportedly ordered SpiceJet to pay the settlement amount to Credit Suisse. The apex court has reportedly given time till July 18 to SpiceJet for this.
According to a report in the Economic Times, the issue between SpiceJet and Credit Suisse is about a $24 million dispute. Credit Suisse also told the top court that while SpiceJet did make some payments, an outstanding amount of $4.4 million is yet to be paid.
The matter was heard by a Supreme Court Bench comprising Justices AS Bopanna and Hima Kohli. They also deferred the hearing on the contempt petition which was reportedly filed by Credit Suisse after SpiceJet mentioned about its commitment to pay the huge settlement.
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For the unversed, Credit Suisse had reportedly filed a winding-up case against SpiceJet for failing to honour $24 million towards payment of servicing the aircraft engines and components. This took place back in 2013.
SpiceJet, recently, also brushed aside insolvency rumours after Go First insolvency crisis erupted. In an exchange filing, the cash-strapped airline called out all insolvency rumours fake and assured its efforts towards fleet revival. It also said that it understands the concerns in the volatile Indian aviation market.
Like Go First airlines, SpiceJet too, the low-budget carrier, faced a lot of problems when it comes to its aircrafts. From grounding to passenger complaints, the carrier went through it all along with navigating a fund crunch.
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