[ad_1]
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 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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
[ad_2]
Source link