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Budget carrier <keyword id="6358032" type="General" weightage="20" keywordseo="spicejet" source="Orion">SpiceJet</keyword> on Thursday said it has reached an in-principle commercial settlement with Credit Suisse. The dispute was about the payment of $24 million by SpiceJet to Credit Suisse. It had emanated out of an old service contract which was executed in 2011, which was later discovered to be lacking certain approvals leading to the dispute between the two parties. At the request of both parties, the Supreme Court on January 28, 2022 stayed the Madras High Court order against SpiceJet to facilitate settlement. The airline said that the documentation process of the settlement terms is underway. Notably, the process involves payment of the settlement amount by SpiceJet to Credit Suisse over a mutually agreed period of time. "The settlement with Credit Suisse follows SpiceJet'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 $5 million on the direction of the Hon'ble Madras High Court in the Credit Suisse case and there is no adverse financial liability on the company." SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/finance/banks/news/axis-bank-may-soon-become-the-third-largest-credit-card-player-after-hdfc-bank-and-sbi-post-the-citibank-deal/articleshow/90563751.cms">Axis Bank may soon become the third largest credit card player after HDFC Bank and SBI post the Citibank deal</a> <a href="https://www.businessinsider.in/business/news/mukesh-ambani-and-gautam-adanis-net-worth-is-now-more-than-100-billion/articleshow/90564692.cms">Mukesh Ambani and Gautam Adani are now worth more than $100 billion</a> <a href="https://www.businessinsider.in/tech/news/dysons-new-headphones-with-an-air-purifier-bank-on-peoples-masking-habits/articleshow/90561834.cms">Dyson's new headphones with an air purifier bank on people’s masking habits</a>

SpiceJet settles $24 million financial dispute with Credit Suisse

<ul><li>Madras High Court has reportedly allowed the winding down petition filed by <keyword id="48085" type="General" weightage="20" keywordseo="credit-suisse" source="Orion">Credit Suisse</keyword> AG against the airline for a default of $20 million.</li><li>Due to this, shares of its competitor Interglobe Aviation (<keyword id="6354706" type="General" weightage="20" keywordseo="indigo" source="Orion">Indigo</keyword>) surged nearly 4% on Tuesday.</li><li><keyword id="6358032" type="General" weightage="20" keywordseo="spicejet" source="Orion">SpiceJet</keyword>’s stock was down 0.2% at ₹68.70.</li></ul>Debt-laden SpiceJet’s woes are not over yet as the Madras High Court has <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/hc-allows-winding-up-plea-against-spicejet-by-credit-suisse-ag/articleshow/88134533.cms">reportedly </a>allowed the winding petition filed by Credit Suisse AG against the airline for a default of $20 million. Further, the court has asked the official liquidator (Credit Suisse) to take over the assets of SpiceJet on the grounds of inability to repay debts by the airline. <div type="image" title="spiceet" height="900" width="1200" msid="88165010" hostid="261"></div> Apparently, Credit Suisse had approached the court to receive the payment on behalf of Switzerland-based <keyword id="1548061" type="General" weightage="20" keywordseo="sr-technics" source="Orion">SR Technics</keyword> from SpiceJet. SR Technics is a maintenance, repair and operations service provider for aircraft, engines and components. Following this, shares of its competitor Interglobe Aviation (Indigo) surged nearly 4% on December 7. <div type="image" title="indigo 2" height="900" width="1200" msid="88164984" hostid="261"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/zoho-is-selling-its-video-calling-app-in-as-many-ways-as-possible/articleshow/88137006.cms">Zoho is selling its video calling app in as many ways as possible</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/these-are-the-states-with-confirmed-cases-of-omicron-covid-19-strain-in-india/slidelist/88138240.cms">Omicron in India — Maharashtra and Rajasthan have recorded 19 positive cases so far</a>

Indigo stock gains as a plea to shut down SpiceJet has been admitted

<keyword id="144015" type="General" weightage="20" keywordseo="kalanithi-maran" source="Orion">Kalanithi Maran</keyword> and <keyword id="169847" type="General" weightage="20" keywordseo="kal-airways" source="Orion">KAL Airways</keyword> informed the Supreme Court on Monday that <keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword>'s offer of ₹600 crore towards full and final settlement of the share transfer dispute was not acceptable. Senior advocate Maninder Singh, representing KAL Airways, submitted before a bench headed by Chief Justice N.V. Ramana that it was not possible for his clients to consider the offer proposed by SpiceJet airlines. The bench, also comprising Justices A.S. Bopanna and Hima Kohli, inquired further whether none of the two offers proposed by SpiceJet was acceptable. Singh replied in the negative and added that as per the arbitral award SpiceJet has to pay them ₹920 crore. Singh also submitted that he could take the court through the calculations as per the arbitral award from the pleadings itself in support of the arguments. He also submitted that the matter may be listed for arguments on the next date of hearing. Senior advocate Mukul Rohatgi, representing SpiceJet airlines, urged the bench to hear the matter within 2 weeks. Singh was assisted by advocates from Karanjawala &amp; Co. After hearing arguments, the top court has scheduled the matter for further hearing on March 2. On February 10, the Supreme Court asked Kalanithi <keyword id="44006" type="General" weightage="80" keywordseo="maran" source="Orion">Maran</keyword>, the former promoter of SpiceJet, to consider the full and final settlement offer made by SpiceJet to end the dispute in a share transfer matter. In a statement SpiceJet, after the hearing in the top court, said: "SpiceJet has offered to pay ₹600 crore in cash in the share transfer case with its former promoter Kalanithi Maran and his firm KAL Airways for a full and final settlement of all disputes. Out of the principal amount of ₹578 crore awarded in arbitration, SpiceJet has already paid ₹308 crore in cash and deposited a bank guarantee of ₹270 crore." SpiceJet's counsel had proposed to pay the bank guarantee equivalent amount of ₹270 crore in cash and top it up with additional ₹22 crore aggregating the total pay-out to ₹600 crore as full and final settlement of all disputes between the parties. Maran and his firm, KAL Airways, had urged the top court to lift the stay on a Delhi High Court order asking the low-cost airline to deposit ₹243 crore as interest on the amount of ₹579 crore in the dispute. In November 2020, the top court stayed the high court order. Maran sought the stay to be lifted to secure the decreed amount -- refund amount awarded and interest -- from SpiceJet. Singh had argued that the high court had asked them to pay the decretal amount and against which SpiceJet had deposited only ₹270 crore as bank guarantee and now there is a winding up order passed against SpiceJet by the Madras High Court in another case being Credit Suisse AG Vs SpiceJet. He added that in such a change in circumstance, SpiceJet should be directed to pay and deposit ₹242 crore otherwise his client will have to run from pillar to post. Karanjawala &amp; Co. in a statement said the top court proposed two offers to Maran and KAL Airways that SpiceJet will give ₹300 crore towards full and final settlement of the dispute and the matter finally gets settled and no further litigation. Second, out of the bank guarantee of ₹270 crore deposited with HC, SpiceJet will give ₹100 crore for now and the order will be passed by the top court to hear petitions, which are pending before the high court expeditiously. The top court asked Singh to discuss the settlement with his client. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sbi-and-icici-bank-lost-over-10000-crore-to-abg-shipyard-bank-fraud/articleshow/89559899.cms">SBI and ICICI Bank investors pay the price for the nearly ₹10,000 crore lost to the biggest bank fraud ever in India</a>

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SpiceJet settles $24 million financial dispute with Credit Suisse

IANS

Indigo stock gains as a plea to shut down SpiceJet has been admitted

Bhakti Makwana

Kalanithi Maran and KAL Airways reject SpiceJet's ₹600 crore settlement offer

IANS

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