The stock rose on the news of the settlement of the dispute.
The airline said that a bank guarantee of $5 million has already been made available under the direction of the Madras High Court in the matter.
domestic airline company SpiceJet ,SpiceJet) has resolved its pending dispute with Credit Suisse. SpiceJet on Wednesday said it has signed a settlement and agreed terms, settling its pending dispute with Swiss-based financial services company Credit Suisse. The airline company said in a statement that the agreement and the terms of agreement agreed on May 23 have been filed before the Supreme Court for final orders. The news of the end of the dispute with Credit Suisse has led to a rise in SpiceJet’s shares. During trading, the stock rose 4 percent to Rs 51.70 on the BSE.
SpiceJet did not give further details, though it did say that under the dispute settlement mechanism, a certain amount will be paid first and the rest will be given in a mutually stipulated time frame. The airline said that a bank guarantee of $5 million has already been made available under the direction of the Madras High Court in the matter.
What was the dispute?
Credit Suisse dragged SpiceJet to the Madras High Court last year after the airline failed to pay over $24 million to Swiss maintenance, repair and overhauling (MRO) service provider SR Technics. Credit Suisse was mandated to receive dues from SR Technics.