SpiceJet, Credit Suisse AG tell Supreme Court they resolved financial dispute

Low cost airline SpiceJet and Swiss firm Credit Suisse AG on August 18 told the Supreme Court they have resolved their financial dispute. The apex court then permitted SpiceJet to withdraw its appeal against a Madras High Court verdict ordering that the airline be wound up on account of alleged non-payment of dues to Credit Suisse AG.

“There is a settlement which has taken place on May 23, 2022 as per the consent terms. In view of it, both the parties are satisfied with the settlement and want to withdraw the SLP [special leave petition] filed by the petitioner.

“Accordingly, the application is allowed,” an apex court Bench comprising Chief Justice N.V. Ramana and Justices Hima Kohli and C.T. Ravikumar said in the order.

The parties, it said, are directed to abide by the consent terms.

“It is noted that some amount was deposited in the Madras High Court in pursuance of the order of Madras High Court. Parties are at liberty to make an application for release of the money,” the court said.

The airline, at the outset, apprised the Bench about the settlement of the dispute with the Swiss firm and said there was a bank guarantee given to the Madras High Court Registrar according to the high court order. Now, according to the terms of the settlement, the bank guarantee has to be released and returned to the bank.

The top court noted the submission and said the parties concerned were at liberty to move the High Court for release of the bank guarantee.