SpiceJet settles Credit Suisse dispute ‘in-principle’

SpiceJet said on Thursday it has arrived at an in-principle commercial settlement with Credit Suisse in the $24-million dispute between the two parties. The dispute pertains to Credit Suisse alleging that the low-cost airline failed to honour its commitment to pay the bills for over $24 million raised towards maintenance, repairing, and overhauling of the aircraft engines and components.

The Swiss banking conglomerate had moved the Madras High Court, which ordered winding up of SpiceJet and even directed an official liquidator attached to the high court to take over the assets of the airline. However, the court permitted the Ajay Singh-run budget carrier to appeal its case in the Supreme Court.