The Supreme Court (SC) has allowed SpiceJet to pay Credit Suisse $1 million per month for a six-month period to settle arrears amounting to $3 million. After the six months, Ajay Singh, the Chairman of SpiceJet, will be required to make regular payments of $500,000 to Credit Suisse.
SpiceJet issued a statement expressing their gratitude to the Supreme Court for acknowledging their compliance with previous orders and approving their proposal to clear the arrears over the next six months. The airline affirmed its commitment to settling its dues promptly and fully while maintaining high compliance standards.
“The Hon’ble Supreme Court has acknowledged our compliance with its previous orders and concurred with our proposal to settle the $3 million arrears over the forthcoming six months. This represents a positive outcome for the company and our stakeholders, and we extend our gratitude to the court for its understanding. We remain steadfast in our commitment to settling our dues fully and punctually. We continue to uphold the highest standards of compliance and look forward to ongoing constructive engagement with all stakeholders.”
Last week, SpiceJet had already announced that it had paid $1.5 million in dues to Credit Suisse. The Supreme Court had previously warned Ajay Singh about meeting payment obligations or facing possible imprisonment in Tihar Jail.
On September 12, the apex court instructed Singh to make a $5,00,000 payment to the Swiss firm in addition to the defaulted $1 million. The court expressed frustration with the delays and issued a stern warning, stating that they would remain indifferent even if SpiceJet ceased operations, and imprisonment in Tihar Jail could result if payment obligations were not met.