NEW DELHI - SpiceJet has informed the Supreme Court that its Chairman and Managing Director (CMD) Ajay Singh has complied with a previous court order by making the latest payment to Credit Suisse, albeit with a five-day delay. The justices, while excusing the tardiness, emphasized the importance of future punctuality in payments.
The Indian airline has been under scrutiny following a contempt case initiated by Credit Suisse in March due to SpiceJet's failure to adhere to a settlement agreement over debts from a maintenance contract dating back to 2011. The debt was transferred to Credit Suisse for collection in 2012.
According to the court's September ruling, SpiceJet was required to increase its payments over a six-month period to $1 million per month. Following this period of escalated payments, the airline is expected to revert to its regular schedule of $500,000 monthly payments. The CMD's requirement to appear in court hinges on SpiceJet's adherence to this payment schedule.
The aviation industry and investors are now looking ahead to the next court date set for February 2024, which will further address the ongoing legal proceedings between SpiceJet and Credit Suisse.
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