SpiceJet Ltd said it has paid $1.5 million to Credit Suisse in compliance with the Supreme Court of India order.
“SpiceJet Ltd. has complied with the directive of the Supreme Court by remitting $1.5 million to Credit Suisse,” the beleaguered airline said in an exchange filing.
The payment was executed on Thursday, September 14th, it added.
Supreme Court on Monday had ordered SpiceJet to settle a $1.5 million debt owed to Switzerland’s Credit Suisse bank by September 15.
The apex court had also warned of “drastic action” if the payment is not made on time.
Read here: SpiceJet-Credit Suisse Case: SC warns SpiceJet to settle Credit Suisse dues or face ‘drastic action’
Earlier, it was reported that a third of the amount is part of a monthly settlement plan SpiceJet had previously agreed with Credit Suisse, and the rest are unpaid dues to the bank.
In March, Credit Suisse filed a request with the Supreme Court to commence contempt proceedings against SpiceJet and its founder, Ajay Singh, due to alleged deliberate and intentional non-compliance with court orders and failure to settle a $3.9 million debt as stipulated in a prior settlement agreement between the parties.
SpiceJet has contended that the outstanding debt in question is an older one that originated prior to the current management’s tenure.
The legal dispute between Credit Suisse and SpiceJet dates back to 2015, primarily revolving around Credit Suisse’s assertion of unpaid dues amounting to approximately $24 million.
At 10:10 am, SpiceJet share price was trading 3.93% higher at ₹39.89 apiece on the BSE.
