In May 2022, SpiceJet and Credit Suisse entered into an agreement to resolve their payment dispute. However, after disputes arose between SpiceJet and the bank, the matter eventually reached the Supreme Court.
The Swiss bank had filed a contempt petition against SpiceJet in April 2023.
In August last year, the apex court issued a contempt of court notice to Singh on a plea filed by Credit Suisse accusing SpiceJet of backtracking from a court-mandated settlement plan for the payment of the dues.
Later, in September that year, the Supreme Court directed SpiceJet to pay $1 million per month to Credit Suisse for 6 months, towards clearing the long-pending dues from the airline company.
Senior Advocates Siddhartha Dave and Liz Mathew represented Credit Suisse.
Senior Advocates Kapil Sibal, Shyam Divan and Vivek Tankha represented SpiceJet and Ajay Singh.
In August 2023, the Delhi High Court had asked SpiceJet and Singh to pay ₹100 crore to Kalanithi Maran and his KAL Airways, in view of a July 2018 arbitral award that called for a refund of ₹270 crores by SpiceJet.
Source: Barandbench
