SpiceJet settles USD 24 million financial dispute with Credit Suisse
New Delhi Mar 31 PTI SpiceJet on Thursday said it has settled its commercial dispute worth around USD 24 million with Swiss financial services company Credit Suisse with the low-cost airline agreeing to pay the settlement amount over a mutually agreed period of time With regard to the dispute pending between Credit Suisse and SpiceJet Limited we would like to inform that the parties have now reached an in-principle commercial settlement of the dispute and the process of documentation is underway SpiceJet said in a statement Credit Suisse had filed a case in the Madras High Court alleging that SpiceJet failed to honour its commitment to pay the bills for over USD 24 million raised by it towards maintenance repairing and overhauling of the aircraft engines and components The high court in December 2021 ordered winding up the airline SpiceJet then moved the Supreme Court which on January 28 stayed the high court order and granted three weeks to the budget carrier to resolve the commercial dispute SpiceJet had already deposited USD 5 million on the direction of the Honble Madras High Court in the Credit Suisse case and there is no adverse financial liability on the company the statement said The settlement involves payment of settlement amount over a mutually agreed period of time it mentioned As per the statement the settlement with Credit Suisse follows SpiceJets successful settlements with De Havilland Aircraft of Canada Limited Boeing aircraft lessors CDB Aviation and Avolon PTI DSP KVK RHL
New Delhi Mar 31 PTI SpiceJet on Thursday said it has settled its commercial dispute worth around USD 24 million with Swiss financial services company Credit Suisse with the low-cost airline agreeing to pay the settlement amount over a mutually agreed period of time With regard to the dispute pending between Credit Suisse and SpiceJet Limited we would like to inform that the parties have now reached an in-principle commercial settlement of the dispute and the process of documentation is underway SpiceJet said in a statement Credit Suisse had filed a case in the Madras High Court alleging that SpiceJet failed to honour its commitment to pay the bills for over USD 24 million raised by it towards maintenance repairing and overhauling of the aircraft engines and components The high court in December 2021 ordered winding up the airline SpiceJet then moved the Supreme Court which on January 28 stayed the high court order and granted three weeks to the budget carrier to resolve the commercial dispute SpiceJet had already deposited USD 5 million on the direction of the Honble Madras High Court in the Credit Suisse case and there is no adverse financial liability on the company the statement said The settlement involves payment of settlement amount over a mutually agreed period of time it mentioned As per the statement the settlement with Credit Suisse follows SpiceJets successful settlements with De Havilland Aircraft of Canada Limited Boeing aircraft lessors CDB Aviation and Avolon PTI DSP KVK RHL
