SpiceJet and Credit Suisse file final settlement in Supreme Court

SpiceJet Limited and Credit Suisse AG have signed and concluded the settlement and consent terms with regard to the pending dispute between the two parties. The settlement and consent terms, which was executed on May 23, 2022, has also been filed before the Supreme Court of India for final orders.

SpiceJet had already provided Bank Guarantee of US $5million on the direction of the Hon'ble 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.

The settlement with Credit Suisse follows SpiceJet's successful settlements and performances therein with De Havilland Aircraft of Canada Limited (DHC), Boeing, CDB Aviation, BOC Aviation and Avolon and provides an impetus to normalisation, growth and expansion of the airline.

Shares of SPICEJET LTD was last trading in BSE at Rs. 49.70 as compared to the previous close of Rs. 49.15. The total number of shares traded during the day was 272327 in over 2857 trades.

The stock hit an intraday high of Rs. 50.00 and intraday low of 48.70. The net turnover during the day was Rs. 13394685.00.

Source : Equity Bulls

Keywords

SPICEJET INE285B01017 Settlement Dispute