Credit Suisse dispute: How SpiceJet came close to getting wound up

SpiceJet has reached an out of court settlement with Swiss bank Credit Suisse over payment of dues

Ajay Singh-promoted SpiceJet and Swiss bank Credit Suisse informed the Supreme Court on August 18 that the two had settled a long winding dispute through an out of court settlement. This led to the withdrawal of an appeal by SpiceJet against a Madras High Court order that would have potentially led to the winding up of the low-cost airline. The dispute originated at a time when Kalanithi Maran was the owner of the airline.

 

The dispute

 

The bone of contention was non-payment of money by SpiceJet to SR Technics, a Swiss firm engaged in repair, maintenance and overhaul of aircraft and engines.