SpiceJet and Credit Suisse reached an agreement in principle

NEW DELHI: SpiceJet, a low-cost airline, announced on Thursday that it has achieved an in-principle commercial agreement with Credit Suisse.

The issue centred on SpiceJet's payment of USD 24 million to Credit Suisse. It stemmed from an outdated service contract signed in 2011 that was later discovered to be missing certain permissions, resulting in a disagreement between the two parties. The Supreme Court stayed the Madras High Court ruling against SpiceJet on January 28, 2022, at the request of both parties, in order to facilitate settlement.

The documentation procedure for the settlement terms is still underway, the airline said. Notably, the process entails SpiceJet paying Credit Suisse the settlement amount over a mutually agreed length of time.

"SpiceJet's successful settlements with De Havilland Aircraft of Canada Limited (DHC), Boeing, aircraft lessors CDB Aviation and Avolon follow the airline's successful settlements with De Havilland Aircraft of Canada Limited (DHC), Boeing, aircraft lessors CDB Aviation and Avolon," the airline said in a statement. "SpiceJet had already deposited USD5 million on the Hon'ble Madras High Court's directive in the Credit Suisse case, and the business has no adverse financial liability."

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