Budget carrier SpiceJet on Thursday said that it has reached a settlement with Credit Suisse which had moved court over outstanding dues worth $24 million.
“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,” a statement from the airline said.
The settlement involves payment over a mutually agreed period of time. The airline said that it had already deposited $5 million on the direction of the Madras High Court. Last year, Credit Suisse approached Madras High Court alleging that SpiceJet failed to honour its commitment to pay bills of more than $24 million raised towards maintenance, repairing, and overhauling of the aircraft engines and components.
In December, 2021, the court ordered winding up of the airline and directed the official liquidator to take over SpiceJet’s assets. But the airline got a stay from the Supreme Court the following month which gave the two parties three weeks to reach a settlement.
