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Pay Up Credit Suisse dues by 15 Mar, SC tells SpiceJet
Mint Mumbai
|February 20, 2024
The Supreme Court on Monday slammed SpiceJet for failing to clear its dues to Credit Suisse, ordering the low-cost airline to pay up by 15 March and asking its chairman Ajay Singh to appear before it a week after making the payment.
The apex court took critical note of reports indicating that SpiceJet, in collaboration with Busy Bee Aviation Pvt. Ltd, had submitted a bid to acquire bankrupt airline Go First.
The court questioned Singh's capacity to finance the acquisition while neglecting SpiceJet's overdue payments, cautioning that further delays would not be tolerated.
The court directed SpiceJet to pay $1.25 million to Credit Suisse, a Zürich-headquartered global investment bank and financial services firm.
This came after Credit Suisse informed the Supreme Court that it was to receive $15 million from SpiceJet by 15 February, but had received only $13.75 million.
This story is from the February 20, 2024 edition of Mint Mumbai.
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