SpiceJet, Credit Suisse end legal battle, sign settlement and consent terms

Budget carrier SpiceJet and Switzerland-based investment banking company Credit Suisse have decided to put an end to a legal battle between them and have signed and cocluded settlement and consent terms with regard to a pending dispute.

The settlement and consent terms, executed on May 23, 2022, have also been filed before the Supreme Court of India for final orders. “SpiceJet had already provided Bank Guarantee of $5 million on the direction of the Madras High Court in the matter and there is no adverse financial liability on the Company. The settlement involves payment of certain amount upfront and balance amount over a mutually agreed timeline,” said a statement from SpiceJet.