Business Standard

The SC permits SpiceJet to pay Credit score Suisse in installments over 6 months

The Supreme Courtroom (SC) on Friday allowed home airline SpiceJet to make funds to Credit score Suisse of $1 million per 30 days for six months to settle arrears amounting to $3 million. After the expiry of the six-month interval, Ajay Singh of SpiceJet should pay common installments of $500,000 to Credit score Suisse.

The airline commented in an announcement, saying: “The Honorable Supreme Courtroom has acknowledged our compliance with its earlier orders and accredited our proposal to settle the arrears amounting to $3 million over the following six months. This represents a optimistic end result for the corporate and our stakeholders.” Stakeholders, we categorical our gratitude to the court docket for its understanding. We stay steadfast in our dedication to settling our dues totally and on time. We proceed to uphold the best requirements of compliance and stay up for continued constructive engagement with all stakeholders.”

A earlier firm assertion stated: “SpiceJet Ltd complied with the Supreme Courtroom’s directive to switch $1.5 million to Credit score Suisse. The deal was accomplished on Thursday, September 14.”

On September 12, the Supreme Courtroom ordered Singh to pay $500,000 as fee to the Swiss firm, along with a default quantity of $1 million. A bench comprising Justices Vikram Nath and Ahsanuddin Amanullah stated: “We have now to maneuver to the following stringent measure. We are going to stay detached even in the event you cease operations.”

Clearly upset by the stonewalling, the bench advised Singh that he should abide by the agreed phrases and issued a warning: “We stay detached even when dire penalties befall you. The scenario is untenable. Should you fail to meet your fee obligations, you may be imprisoned within the jail”. This may lead to Tihar imprisonment.”

First printed: September 22, 2023 | 2:22 pm he

(tags for translation) SpiceJet

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