SC tells Spicejet to pay Credit Suisse $1 mn per month for six months

The Supreme Court on Friday allowed SpiceJet to pay Swiss firm Credit Suisse $1 million per month for six months towards its $3-million arrears.

SpiceJet said the apex court can send the airline’s Chairman and Managing Director (CMD) Ajay Singh to exile if the undertaking is not honoured.

The low-cost carrier told the court that it was already paying the Swiss firm $500,000 every month and now it wanted to increase the monthly instalment by another $500,000 for six months.

“The Supreme Court has noted our compliance with its previous orders and agreed with our proposal to pay the $3 million arrears over the next six months.