SpiceJet Reaches Settlement with Credit Suisse in $20-mn Dispute

April 1, 2022

Mar. 31—SpiceJet on Thursday informed the stock exchanges that it has reached in-principle commercial settlement with Credit Suisse and the process of documentation is underway.

The settlement with Credit Suisse follows SpiceJet's successful settlements with De Havillnd Aircraft of Canada Ltd (DHC), Boeing, Aircraft Lessors, CDB Aviation and Avolon.

SpiceJet said it had already deposited $5 million on the direction of the Madras High Court in the Credit Suisse case and there has been no adverse financial liability on the company.

The settlement involves payment of settlement amount over a mutually agreed period of time.

On Thursday, SpiceJet shares closed 0.55% lower at INR54.40 apiece on NSE.

In other news, Supreme Court asked asked low-cost SpiceJet and Kalanithi Maran to amicably settle the share transfer dispute between the two.

The Supreme Court will hear the matter next on 12 April.

Last month, Maran, the former promoter of SpiceJet Ltd, had rejected a INR600 crore one-time settlement offer made by the budget airline to end a protracted share transfer dispute between the two.


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