SpiceJet Resolves Financial Dispute With Credit Suisse

Days after SpiceJet entered into a settlement with lessor Goshawk, the Indian low-cost carrier has resolved its financial dispute with Swiss financial firm Credit Suisse.

The Supreme Court of India has permitted SpiceJet to withdraw its appeal against a Madras High Court verdict ordering that the airline be wound up on account of alleged non-payment of dues to Credit Suisse.

The court order read that the settlement took place on May 23, 2022, as per the consent terms and that both the parties are satisfied with the settlement and want to withdraw the special leave petition filed by Credit Suisse .

SpiceJet and Credit Suisse have to abide by the consent terms. 

SpiceJet had deposited a certain amount at the Madras High Court as bank guarantee. SpiceJet can now make an application for the release of that money. 

Now, according to the terms of the settlement, the bank guarantee has to be released and returned to the bank.

Credit Suisse had alleged that SpiceJet failed to honor its commitment to pay $24 million in dues raised by it towards engines and components maintenance.