SpiceJet settles $20 mn financial dispute with Credit Suisse

SpiceJet said on Thursday that it has settled its payment dispute worth around $20 million with Credit Suisse. The budget carrier in a statement said that both the parties have reached an in-principle commercial settlement of the dispute and the process of documentation is underway.

"The settlement with Credit Suisse follows SpiceJet's successful settlements with De Havilland Aircraft of Canada Limited (DHC), Boeing, aircraft lessors CDB Aviation and Avolon," SpiceJet said in its statement. 
 
The airline added that it had already deposited $5 million on the direction of the Madras High Court in the Credit Suisse case and there is no adverse financial liability on the company. The settlement involves payment of the settlement amount over a mutually agreed period of time.

Also Read: Madras HC dismisses SpiceJet's appeal against winding up

The Madras High Court had in January this year directed the Ajay Singh-led budget carrier to wind up its operations as it continued to refuse to pay the outstanding dues.  
 
As the matter reached the Supreme Court (SC), the apex court directed that there are vendors claiming outstanding payments and the said dues will have to be discharged. 
 
The SC, on Thursday, also appealed to SpiceJet and Kalanithi Maran, the former promoter of the airline, to amicably settle their share transfer dispute between the two.  
 
The top court will hear the matter next on April 12.

Also Read: SpiceJet gets 3-week breather in winding up case
 
(With inputs from Poulomi Saha.)