SpiceJet Makes Payment Of $1.5 Million To Credit Suisse, Share Prices Quoted A Rise(Image: spicejet.com)

SpiceJet, Indian budget airline headquartered in Gurgaon, has said that it has made a payment of $1.5 million to Credit Suisse, a global investment bank and financial services firm which is based in Switzerland. The payment was as ordered by the Supreme Court. In an exchange filing on September 15, Spice Jet said that the payment has been done on Thursday, September 14th.

On September 15 morning, on this backdrop, the shares of Spice Jet had gone up over 3 percent, reported the Money Control. Earlier, the Supreme Court had ordered the company to pay up $USD1.5 million to Credit Suisse, which was due. The Supreme Court’s order came almost as a warning, with the Court saying, “we have to move to the next drastic step. We are not worried if you shut down. Enough of this dilly-dally business… you will have to abide by the consent terms. We are not bothered even if you die. It is too much.”

On September 11, the company had said that it would make the payment as ordered by the apex court. It also said that the debt due was an earlier one which had predated the present management’s tenure.

Since 2015, SpiceJet and Credit Suisse had been in dispute mode over an unpaid debt amounting close to $ 24 million. This engagement led to the Madras High Court order that the airline should wind up by 2021. The case was further taken to the Supreme Court, where the court granted time to both the parties to agree on a settlement plan. Both the companies reached a settlement plan but SpiceJet did not pay the amount due. Credit Suisse had then initiated case against SpiceJet Chairman Ajay Singh on, “wilful and intentional disobedience.” This had led to the Supreme Courts order warning SpiceJet that it could “move to the next drastic step.”

SpiceJet had said earlier this week that it had made a payment of Rs 100 crore to former promoter Kalanithi Maran as per the Delhi High Court”s order in a separate case.