SpiceJet, the embattled domestic airline, informed the Supreme Court on October 20 that it has complied with the court's directives regarding deposits to Credit Suisse. Credit Suisse acknowledged the receipt of these payments but urged the Supreme Court to keep the matter under review for oversight.
The court has decided to monitor the progress of these monthly payments and will revisit the case post-Diwali.
The apex court had earlier instructed the low-cost carrier to make monthly payments of $1 million for six months, followed by $500,000 per month. SpiceJet's legal representatives confirmed that the airline will make the required $1 million per month payments for the next six months to settle its outstanding debts.
The court has directed that it will review the progress of monthly payments and will hear the matter post-Diwali.
Credit Suisse and SpiceJet have been engaged in a legal dispute since 2015 over the bank's claim of unpaid dues of around $24 million, which led to a Madras High Court order that the airline be wound up in 2021.
Even after agreeing to a settlement plan, the dues were not paid, and in March, Credit Suisse moved the Supreme Court, seeking to initiate contempt proceedings against SpiceJet and its Chairman and Managing Director Ajay Singh over "a willful and intentional disobedience" of court orders and failure to pay dues of $4.5 million.
(Edited by : Akanksha Upadhyay)
