“We’re giving you a long rope, don’t take any risks in this matter…There is no scope for any belated payment in this case,” added the bench. In the ongoing dispute between SpiceJet and Credit Suisse, the top Court in September 2023 had ordered the low-cost airline to make payments to Credit Suisse of $1 million per month for six months to clear arrears.
Following this, Singh and his SpiceJet are required to pay regular instalments of $500,000 to Credit Suisse. The legal dispute between the two parties started when Credit Suisse dragged SpiceJet to the Madras High Court in 2021 after the airline failed to make payments of over $24 million to maintenance, repair and overhauling (MRO) service provider SR Technics. Credit Suisse had a financing agreement with SR Technics that gave it the right to receive payments from the airline.
SpiceJet on Friday said that it is currently in the midst of a revival plan, having completed the first tranche of capital infusion amounting to R744 crore, with additional subscriptions pending regulatory approval. The company has also initiated the process to raise an additional R 1,000 crore. The airline added that it already holds valid shareholder approval to raise up to R2500 crore through QIP, eliminating the need for further shareholder approval.