SpiceJet and Credit Suisse AG have signed and concluded the settlement and consent terms with regard to the pending dispute between the two parties. The settlement and consent terms, which was executed on May 23, 2022, has also been filed before the Supreme Court of India for final orders.
SpiceJet had already provided Bank Guarantee of $5 million on the direction of the Hon’ble Madras High Court in the matter and there is no adverse financial liability on the Company. The settlement involves payment of certain amount upfront and balance amount over a mutually agreed timeline.
The settlement with Credit Suisse follows SpiceJet’s successful settlements and performances therein with De Havilland Aircraft of Canada (DHC), Boeing, CDB Aviation, BOC Aviation and Avolon and provides an impetus to normalisation, growth and expansion of the airline.
SpiceJet is among the first private companies that stepped into the Indian aviation sector.