Budget airline SpiceJet announced on Thursday that it had reached a settlement with Credit Suisse, which went to court over $24 million in outstanding charges.
“In relation to the pending dispute between Credit Suisse and SpiceJet Limited, we would like to inform that the parties have now reached a commercial settlement of the dispute in principle and the documentation process is ongoing,” the airline said in a statement.
Billing includes payment over a mutually agreed period of time. The airline said it had already deposited $5 million on instructions from the Madras High Court. Last year, Credit Suisse appealed to the Madras Supreme Court, alleging that SpiceJet failed to meet its obligation to pay more than $24 million in bills for the maintenance, repair and overhaul of aircraft engines and components.
In December 2021, the court ordered the airline to be wound up and directed the official bankruptcy trustee to take over SpiceJet’s assets. But the airline received a stay from the Supreme Court the following month, giving the two parties three weeks to reach an agreement.
