Supreme Court Allowed SpiceJet To Pay Credit Suisse 1 Million Dollar Per Month For Six Months

SpiceJet News: A big order has come from the Supreme Court for low cost budget airline SpiceJet. The Supreme Court has directed SpiceJet Chairman and Managing Director Ajay Singh to pay $ 1 million every month to Global Investment Bank and financial services firm Credit Suisse. SpiceJet will have to make this payment continuously for the next six months.

Apart from the regular payment of $5 lakh every month, SpiceJet will also pay the dues of $3 million in six installments to Credit Suisse. In this way, an effective transfer of one million dollars will be made to Credit Suisse every month. SpiceJet had last week said that it had complied with the apex court’s direction by transferring $1.5 million to Credit Suisse. In the hearing on September 11, the Supreme Court had issued a strict warning to the CMD of the company for defaulting in payment of dues to Credit Suisse.

Hearing of the case on October 20

Today, a bench of Justices Vikram Nath and Ahsanuddin Amanullah ordered that it will hear the case on October 20 for the purpose of monitoring compliance. He has not even exempted Ajay Singh and Company Secretary Chandan Sand from personal appearance in the next hearing.

What happened in this case

In an affidavit filed in the Supreme Court, Ajay Singh has tendered an unconditional apology for SpiceJet’s failure to fulfill its obligations under the agreed terms on time. After the hearing, SpiceJet spokesperson issued a statement saying that the Supreme Court has agreed to its proposal to pay the dues of $3 million in the next six months, keeping in mind the compliance with the previous orders.

The Supreme Court had withdrawn the airline from liquidation after SpiceJet promised to pay five lakh dollars every month to Credit Suisse. According to the agreement between the two parties in May last year, SpiceJet was to pay an amount of five lakh dollars by the 15th of every month. This was supported by the Supreme Court.

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