SpiceJet, the Indian low-cost airline, has paid $1.5 million to Credit Suisse as directed by the Supreme Court, settling a legal dispute
SpiceJet's stock surged over 3% after the payment news. Traded at Rs 39.37 apiece on the BSE, up 2.58%.
The Supreme Court had set a September 15 deadline for the payment, with a warning of severe consequences for non-compliance
SpiceJet and Credit Suisse have been battling since 2015 over unpaid dues totaling $24 million, even leading to a winding-up order in 2021
SpiceJet argued the debt dated back to previous management. One-third of the payment was part of an existing settlement plan, while the rest represented overdue dues from 2022
Besides the Credit Suisse case, SpiceJet recently paid Rs 100 crore to settle an arbitral award with Kalanithi Maran's KAL Airways, demonstrating resilience in the stock market despite these legal challenges
Source-CNBC-TV18