SpiceJet on Thursday said it has settled its commercial dispute worth around $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 $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 $5 million on the direction of the Hon’ble 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 SpiceJet’s successful settlements with De Havilland Aircraft of Canada Limited, Boeing, aircraft lessors CDB Aviation and Avolon.
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